- Byju Raveendran called the Singapore court ruling an unnecessary pressure tactic against him
- He denied any personal wrongdoing or financial mismanagement in the disputed loans
- Raveendran said a settlement framework with lenders is agreed in principle, with few details left
Shortly after the high-stakes Singapore court ruling, Byju's founder Raveendran issued a counter-statement on Wednesday, May 27, characterizing the legal escalation as an "unnecessary pressure tactic" and rejected any allegations of personal wrongdoing. Raveendran's remarks come in response to a Singapore court's decision to sentence him to six months in prison for contempt of court, a ruling stemming from a case filed by a subsidiary of the Qatar Investment Authority (QIA) regarding asset disclosures.
Raveendran revealed that his defense team has deliberately stepped back from aggressively fighting various global lawsuits to prioritize a larger, peaceful exit amid his recent lack of legal pushback. "I have not been actively contesting several court proceedings in recent months precisely because the parties were working towards a comprehensive settlement," Byju Raveendran said in his statement, emphasizing that he chose "resolution over confrontation'' in the matter.
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According to him, lenders-including GLAS Trust and QIA-have been locked in intense, multi-party talks with Byju's founders to resolve outstanding debts. Raveendran revealed that a comprehensive settlement framework has now been "agreed in principle," with only a handful of minor, residual details left to lock down between specific entities. He added that he plays "no role" in resolving those remaining issues, signaling that his portion of the agreement is effectively finished.
He expressed disappointment over how the Singapore court proceedings have been leveraged in the media, claiming it paints a misleading public impression especially at a delicate juncture for the company. "I am disappointed that the recent Singapore court matter has been pursued and reported in a manner that creates a misleading impression about me, especially at a time when all key parties have almost concluded the settlement discussions," said Raveendran.
He added that it is ''deeply unfortunate that the matter is being used to create a contrary public narrative at this sensitive stage.'' Raveendran noted that the decision by QIA to continue pressing the matter in court ''seems to be an unnecessary pressure tactic''. Defending his management of the corporate capital which is now under scrutiny, Byju Raveendran denied rumors of financial mismanagement or personal enrichment regarding the disputed loans.
Byju Raveendra to appear in court on June 15
He asserted that neither he nor any of the edtech company's co-founders ever received any portion of the disputed funds, maintaining that 100% of the capital was deployed strictly for "legitimate business purposes" to fuel the company's operations and growth. Reaffirming his commitment to the firm's stakeholders, Raveendran concluded by stating that he has always acted in good faith and in the absolute best interests of Byju's employees, students, and institutional backers.
"I cannot allow a false, one-sided narrative to go uncontested," Raveendran noted, rejecting the current public portrayal of the company's legal disputes. Raveendran added that the Singapore court matter is a procedural contempt of court order, arising only from disputes over document disclosure in ongoing proceedings. ''Today's order is not a finding of fraud, dishonesty, or any wrongdoing on the merits.'' he said. Byju Raveendran has been directed to appear on June 15 and appeal options are available.
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