New Delhi | A Singapore court has sentenced beleaguered edtech founder Byju Raveendran to six months in prison, and the entrepreneur described the ruling as disappointing, especially as a settlement among aggrieved parties is nearing conclusion.
Sources aware of the development said the order has been pronounced and not published till the time this report was filed.
"Today's Singapore court matter is a procedural contempt of court order, arising only from disputes over document disclosure in ongoing proceedings - not a finding of fraud, dishonesty, or any wrongdoing on the merits. I have been directed to appear on 15 June, and appeal options are available," Raveendran said in a statement.
He said that the lenders, including GLAS Trust and QIA, as well as other stakeholders, have been in discussions with the founders and other parties, and a settlement has been agreed in principle, with only a few residual minor issues left to be finalised between certain parties.
"I have no role in those remaining issues. I am disappointed that the recent Singapore court matter has been pursued and reported in a manner that creates a misleading impression about me, especially at a time when all key parties have almost concluded the settlement discussions," Raveendran said.
He said that as part of the settlement discussions, the parties have also acknowledged that there has been no wrongdoing on his part or on the part of the other founders.
"That is why it is deeply unfortunate that this matter is being used to create a contrary public narrative at this sensitive stage. It is important to clarify that I have not been actively contesting several court proceedings in recent months precisely because the parties were working towards a comprehensive settlement. I chose resolution over confrontation," Raveendran said.
