BYJU's Founders Preparing To Slap $2.5 Billion Suit Against Glas Trust Among Others
The founders are preparing to sue Glas Trust and others in India as well as in foreign countries, according to the statement.
Beleaguered edtech firm BYJU's founders, Byju Raveendran and Divya Gokulnath, are gearing up to file an over $2.5 billion suit against Glas Trust and others for damage to their reputation and business, a statement from their counsel said on Thursday.
The founders are preparing to sue Glas Trust and others in India as well as in foreign countries, according to the statement.
"BYJU's founders reserve all rights to bring actions against those parties that have caused damage to them personally and their businesses, including Think & Learn. The conduct before the Courts by Alpha, Glas Trust and its counsel has been reprehensible and improper in our view. We reserve the right to use all legal means to obtain justice for BYJU's founders," Lazareff Le Bars Eurl, Senior Litigation Advisor, J Michael McNutt, said in a statement.
The counsel said claims have already been raised in India against Glas Trust, the former subsidiary of Think & Learn, that Glas Trust now claims to control and other parties.
"Additional claims are being prepared against those parties in other jurisdictions. Such claims to be issued by all or some of BYJU's founders are expected to request monetary damages of not less than USD 2.5 billion," McNutt said.
At present, Think and Learn – which owns BYJU's brand, is going through insolvency proceedings initiated following an appeal filed by US-based lenders agent Glas Trust.
