Singapore, May 27: A Singapore court has given a big shock to Byju Raveendran, the founder of Indian edtech company Byju’s, who is facing financial and legal difficulties.
Bloomberg reported that Byju Raveendran has been sentenced to six months in jail in a contempt of court case.
According to the report, the Singapore court said that Byju Raveendran has repeatedly violated several court orders since April 2024 regarding the disclosure of details of assets and their management.
In addition, the court has ordered Raveendran to surrender to the authorities immediately and pay legal costs of about 70,500 US dollars (about Rs.67 lakh).
The report mentioned that the court has also asked him to submit documents proving the legal ownership of the company Beer Investco Private Limited, which is related to the case.
Byju’s is already facing legal battles with creditors and investors in several countries, including the US.
In particular, the repayment disputes related to the $1.2 billion term loan raised by the company’s international division have intensified.
Byju Raveendran has not yet commented publicly on the sentence. It is also not yet clear whether he is currently in Singapore, the report said.
What is the case..?
The legal action against Byju Raveendran is related to non-compliance with court orders.
Since April 2024, a Singapore court has repeatedly issued strict orders to Byju Raveendran to disclose his personal assets, ownership rights and property details. However, Raveendran repeatedly ignored court deadlines and failed to submit the necessary documents.
Taking this irresponsible act of disregarding court orders seriously, the Singapore court ruled that it was clearly “contempt of court” and sentenced them to prison. It also ordered them to immediately surrender to the relevant authorities.