Byju’s founder sentenced to jail in Singapore, says order is ‘procedural’

PTI

NEW DELHI, May 27: A Singapore court sentenced Byju Raveendran, founder of Byju’s, to six months in jail for contempt of court over alleged non-compliance with disclosure orders, but the entrepreneur said the ruling was “procedural” and that he plans to appeal.

The ruling marks the most serious legal setback yet for the founder of Byju’s, once one of India’s most valuable startups, which has been battling investor disputes, debt litigation and operational turmoil following a sharp post-pandemic downturn.

The court ordered Raveendran to surrender himself to authorities, pay legal costs of Singapore dollar 90,000 (USD 70,500) and produce documents relating to his ownership of Beeaar Investco Pte, a Singapore entity that held shares in an affiliated company.

It was not immediately clear whether Raveendran was in Singapore at the time of the order.

His lawyers said they are contemplating an appeal against the decision and applying for a stay of the order.

The case was brought by a subsidiary of Qatar Investment Authority, which invested in Byju’s during a funding round as the company was grappling with lay-offs and mounting financial pressure.