New Delhi

A Singapore court has sentenced Byju’s founder Byju Raveendran to six months in jail for contempt of court over alleged non-compliance with disclosure directives, though the entrepreneur described the ruling as “procedural”, denied any wrongdoing and said he would challenge the order.

The development marks one of the most significant legal setbacks for Raveendran and the embattled edtech company, which has been grappling with investor disputes, debt-related litigation and financial troubles following a steep decline in business after the pandemic-driven boom.

The court directed Raveendran to surrender before authorities, pay legal costs amounting to Singapore dollar 90,000 (around USD 70,500), and submit documents concerning his ownership of Beeaar Investco Pte, a Singapore-based entity that held shares in an affiliated company.

It was not immediately known whether Raveendran was in Singapore when the order was issued.

His legal team said they are considering filing an appeal and seeking a stay on the court’s directions.

The proceedings were initiated by a subsidiary of the Qatar Investment Authority (QIA), which had invested in Byju’s during a period when the company was facing layoffs and mounting financial stress.

The latest case adds to the broader legal challenges confronting Byju’s, including ongoing proceedings in the United States where lenders are attempting to recover losses linked to a USD 1.2 billion term loan.

Responding to the ruling, Raveendran said discussions aimed at resolving disputes with lenders and investors, including GLAS Trust and QIA, were already nearing completion. He alleged that pursuing the present legal action at this stage was unnecessary.

“The parties have also acknowledged that there has been no wrongdoing on my part or on the part of the other founders,” he said in a statement.

Raveendran maintained that the Singapore order related only to a procedural issue concerning disclosure of documents and was “not a finding of fraud, dishonesty, or wrongdoing on the merits.”

He further said he had opted for “resolution over confrontation” and intended to contest what he termed a “false and one-sided narrative.”

Byju’s, founded as Think & Learn Pvt Ltd, emerged as one of India’s most prominent technology startups during the online education boom, attracting major global investors and once reaching a valuation of USD 22 billion before suffering a sharp downturn.

According to Raveendran, settlement talks involving lenders, QIA and other stakeholders had progressed substantially, with only a few unresolved issues remaining among certain parties.

He expressed disappointment that the Singapore proceedings were being highlighted publicly at a time when negotiations were close to conclusion.

He also said he had not actively contested several legal proceedings in recent months because efforts were underway to reach a comprehensive settlement.

Calling the continued legal pursuit by QIA an “unnecessary pressure tactic”, Raveendran reiterated that neither he nor the other founders personally benefited from the disputed funds, which he said were utilised for legitimate business purposes.

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Raveendran said he had been directed to appear before the court on June 15 and confirmed that legal remedies, including an appeal, remain available.