Singapore court orders jail term for Byju Raveendran for contempt of court

A Singapore court has sentenced Byju Raveendran, the founder of embattled edtech company BYJU’S, to six months in jail for contempt of court, according to a Bloomberg report.

The ruling—linked to alleged non-compliance with court orders concerning his assets—comes as Raveendran, in a statement, claimed lenders and investors were close to reaching a broader settlement and accused some parties of creating a “misleading impression” about him.

According to the report, the Singapore court found that Raveendran had disobeyed multiple orders related to his assets, dating back to April 2024. The court directed him to surrender to officials, pay costs of S$90,000 ($70,500) and provide documents proving his ownership of Beeaar Investco Pte, an entity that held shares in a related company.

The ruling marks another setback for the founder of what was once considered India’s most valuable startup. BYJU’S, formally known as Think & Learn Pvt Ltd, grew rapidly during the pandemic-driven online learning boom and attracted investments from several global firms. However, subsequently, the company faced challenges including mounting debt, delayed financial filings, layoffs, and disputes with lenders and investors.

The latest proceedings in Singapore are tied to wider efforts by foreign investors to recover losses linked to the company. The report said investors, including entities connected to the Qatar Investment Authority, are pursuing claims against Raveendran and related parties.

In the statement issued after the judgment, Raveendran said discussions among lenders, founders, and stakeholders had already progressed significantly towards a resolution.

“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,” he noted.

The contempt ruling relates to allegations that court directions were not followed. Contempt of court generally refers to acts that disobey or undermine judicial orders or proceedings. Singapore courts are known for taking strict positions on compliance with court directives, particularly in commercial disputes involving cross-border assets.

Raveendran, however, maintained that settlement talks had effectively led to a pause in active litigation in recent months.

“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,” he said.

He further claimed that all sides had “in principle agreed not to actively pursue cases against each other”, adding that matters had “effectively been at a standstill for the last three months”.

The founder also denied wrongdoing in relation to disputed funds connected to ongoing lender battles. 

“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.” he said.

The statement did not provide details of the alleged settlement terms or explain how they might affect the Singapore proceedings.