Byju’s founder Raveendran jailed by Singapore court in contempt case

Advertisement

New Delhi: Further troubles have continued to pile up for Byju’s founder Byju Raveendran as the Singapore court sent him to six months imprisonment in an ongoing contempt of court case over a financial dispute.

The reports said that the court has concluded that Raveendran had failed to adhere to earlier directions given in April last year related to the disclosure of his assets and documents regarding companies associated with the edtech giant which is on the back foot.

The court reportedly stated that required documents are being submitted late or incorrectly, despite the court’s repeated orders. As a result, Raveendran has been found guilty of contempt and sentenced to six months jail.

The court also ordered him to pay legal costs of approximately 90,000 Singapore dollars.

Advertisement

Reports further say that he was ordered to disclose documents regarding Beeaar Investco Pte, which is associated with investment related to Byju’s.

The timing of this ruling is also significant as Byju’s is facing several legal and financial challenges from different countries for the last two years with its investors, lenders raising complaints against it and also facing insolvency claims with significant unpaid debts.

The once very valued startup of India has faced serious setbacks with heavy debt. This new ruling by the court is likely to create another problem for the company and Raveendran as many cases against the founder and the company are still unresolved.

Also read: Trump Says Latest Medical Checkup Went ‘Perfectly’ Ahead Of 80th Birthday

Advertisement