Singapore HC Rejects Byju Raveendran’s Plea To Halt Six-Month Jail Sentence

The High Court of Singapore (SGHC) has rejected BYJU’S cofounder Byju Raveendran’s bid to halt a six-month jail sentence for contempt, leaving the order in place should he return to Singapore.

On July 9, the SGHC declined Raveendran’s application to continue the stay on the sentence, Bloomberg reported, citing a statement issued by his law firm Lazareff Le Bars today.

Raveendran was sentenced to a six month jail term in May after the court found him in contempt for failing to comply with multiple orders to disclose his assets dating back to April 2024.

The latest ruling comes months after the SGHC temporarily stayed the committal and surrender provisions on its erstwhile contempt order, putting the jail sentence on hold.

With the court rejecting his latest plea, the six-month sentence remains in place. Raveendran is currently outside Singapore, his lawyer said.

Raveendran’s legal team reportedly has denied the issuance of the order, saying no court had issued such a warrant. “Raveendran maintains that he did not breach any court order, intentionally or otherwise, and will continue to pursue every lawful remedy through the proper legal process,” Lazareff Le Bars’ litigation advisor John Michael McNutt said.

Raveendran’s lawyers contended that the contempt finding relate only to disputed document disclosure obligations and does not involve any criminal charges or findings of fraud, dishonesty or diversion of funds.

The Singapore proceedings were brought by a subsidiary of the Qatar Investment Authority (QIA), an investor in BYJU’S. QIA welcomed the ruling and said it would continue to pursue legal remedies against Raveendran.

The case adds to BYJU’S mounting legal troubles across India, Singapore and the US. Once valued at $22 Bn, the embattled edtech startup has spent more than two years mired in insolvency proceedings and disputes with lenders and investors.

Raveendran has maintained that neither he nor the other founders personally received any of the disputed funds. 

BYJU’S-Lender Settlement Deadline Nears

Separately, BYJU’S is nearing another key dispute resolution with its global lenders pertaining to its holding in K12 prep company Aakash before the Bengaluru bench of the NCLT on July 16. The two sides earlier told the tribunal that they were working towards a settlement.

The lenders are in advanced talks to acquire about a 30% stake in Aakash Educational Services at a valuation of $2 Bn. In return, they could drop legal actions and allegations against Raveendran.

If completed, the deal could bring an end to a long-running dispute between BYJU’S and its Term Loan B (TLB) lenders. The battle dates back to 2023, when GLAS Trust, acting on behalf of the lenders, accused Raveendran of misappropriating funds.

In the US, the dispute centres on BYJU’S $1.2 Bn term loan and the transfer of $533 Mn from BYJU’S Alpha, its US-based financing vehicle.

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