Byju’s founder Raveendran sentenced to six months in jail for contempt of court: Report

Byju Raveendran (file photograph)

Byju Raveendran, founder of the collapsed edtech firm Byju’s, has been sentenced to six months in jail by a Singapore court docket in a contempt case, in accordance to folks conscious of the event who advised Bloomberg.The court docket directed Raveendran to bear jail time after discovering that he had failed to adjust to a number of court docket orders linked to his property since April 2024.He has additionally been requested to give up earlier than authorities, pay authorized prices amounting to S$90,000 (round $70,500), and submit paperwork establishing his authorized possession of Beeaar Investco Pte, an entity that held shares in an affiliated firm.The ruling marks one other setback for the entrepreneur, who’s already going through authorized challenges from abroad traders throughout a number of jurisdictions. In the US, lenders try to recuperate losses tied to a soured $1.2 billion mortgage.In accordance to the report, it stays unclear whether or not Raveendran is at the moment in Singapore or one other nation.Raveendran based Assume & Study Pvt Ltd, broadly often called Byju’s, which as soon as emerged as one of India’s greatest startup success tales and turned him right into a billionaire amid a surge of world investor curiosity in Indian expertise corporations.He’s at the moment going through authorized motion in Singapore from a subsidiary of the Qatar Funding Authority, which had participated in a funding spherical for the edtech firm throughout a interval when the agency was reducing jobs and downsizing operations.Qatar Holdings was represented in the matter by Drew & Napier, whereas Byju’s Investments was represented by Fervent Chambers, the report mentioned.(This can be a prime Google Developments toipc.)