Byju’s founder Byju Raveendran was sentenced to six months in jail by a Singapore court for contempt, the court ordered him to surrender immediately and pay S$90,000 in legal costs, according to medianama.com. The ruling stems from Raveendran’s repeated failure to disclose assets, with violations dating back to April 2024.
The court found that Raveendran did not comply with orders to provide documents proving ownership of Beeaar Investco Pte, a company linked to the dispute. Qatar Holdings, a subsidiary of Qatar Investment Authority which invested in Byju’s during its financial struggles, is pursuing the case. The court directed Raveendran to pay legal costs and surrender to authorities without delay.
Byju’s, once valued at about $22 billion in 2022, has faced a sharp decline due to delayed financial disclosures, rising debt, investor disputes, layoffs, and governance issues. The company had expanded aggressively through acquisitions and global sponsorships involving celebrities such as Shah Rukh Khan and Lionel Messi. The legal troubles add to the challenges confronting the startup’s leadership and valuation.
Following the court order, Raveendran said he reached an “in-principle” settlement with the company’s lenders and denied any wrongdoing by himself or other founders. The case highlights ongoing governance and financial disclosure issues at Byju’s as it navigates investor pressure and restructuring efforts.