E-Paper
‘No wrongdoing on my part’, says Byju Raveendran on Singapore court's recent jail term order
Byju Raveendran said that it is “deeply unfortunate” that his matter is being used to create a contrary public narrative at this “sensitive” stage.
Byju Raveendran, founder of edtech giant Byju’s on Wednesday said the Singapore court that sentenced him to six months in jail on Wednesday, is only a “procedural contempt of court order” and not because the court found any fraud or dishonesty, adding that “appeal options" are available.
“Today's Singapore court matter is a procedural contempt of court order, arising only from disputes over document disclosure in ongoing proceedings - not a finding of fraud, dishonesty, or any wrongdoing on the merits. I have been directed to appear on 15 June and “appeal options are available."
Raveendran was sentenced on Wednesday for contempt after allegedly failing to comply with multiple court orders related to his assets, Bloomberg reported.
In his first media remarks after the court order, the edtech founder said that he was “disappointed” that the matter was being reported in a way that creates a misleading impression about him.
“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,” he said in a statement.
“Even today, my priority is to support a constructive resolution and avoid saying anything that may affect the ongoing settlement process. However, I cannot allow a false and one-sided narrative to go uncontested and I strongly reject any such incorrect portrayal,” he added.
He further said that there was no wrongdoing on his part and that only a few residual minor issues were left to be finalised between certain parties in which, he said, he had no role.
“The lenders, including GLAS Trust and QIA, as well as other stakeholders, have been in discussions with the founders and other parties. A settlement has been agreed in principle, with only a few residual minor issues left to be finalised between certain parties. I have no role in those remaining issues.”
“As part of the settlement discussions, the parties have also acknowledged that there has been no wrongdoing on my part or on the part of the other founders.”
He further said that it is “deeply unfortunate” that his matter is being used to create a contrary public narrative at this “sensitive” stage.
‘Chose resolution over confrontation’, says Raveendran
He further clarified that the reason he was not “actively” contesting court proceedings against him was because the parties were working towards a settlement, adding that the decision by QIA to continue pressing this matter appears to be an unnecessary “pressure tactic.”
“It is important to clarify that I have not been actively contesting several court proceedings in recent months precisely because the parties were working towards a comprehensive settlement. I chose resolution over confrontation,” he said.
“Against this backdrop, the decision by QIA to continue pressing this matter appears to be an unnecessary pressure tactic at a sensitive stage of the settlement process.”
‘Always acted in good faith’
Raveendran said he has always acted in “good faith” and in the best interests of BYJU’S employees, students, and stakeholders. He added that neither he nor any of the founders personally received any portion of the disputed funds, which were used for legitimate business purposes.
“I have always maintained that I acted in good faith and in the best interests of BYJU’S, its employees, students and stakeholders. I have also placed on record that neither I nor any of the founders personally received any portion of the disputed funds, and that the funds were used for legitimate business purposes.”
According to people familiar with the matter, the Singapore court has directed Raveendran to surrender to authorities, pay legal costs of S$90,000 (around $70,500), and submit documents establishing his ownership of Beeaar Investco Pte, a corporate entity that held shares in a related company.
