Singapore's High Court has rejected Byju Raveendran's plea to halt a six-month jail sentence for contempt.
The ruling means the Byju's founder could face imprisonment if he returns to Singapore before pursuing further legal remedies.
The decision adds to the legal and financial challenges surrounding the once high-flying edtech company.
Byju Raveendran Faces Setback as Singapore HC Rejects Plea to Halt Six-Month Jail Term
The ruling marks another legal setback for Byju Raveendran, who is also facing insolvency proceedings in India and lender disputes overseas
Byju's founder Byju Raveendran
Summary
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Singapore's High Court has rejected Byju Raveendran's request to halt a six-month jail sentence imposed on him for contempt, according to a Bloomberg report.
The court declined the application on July 9, the report said, citing a statement from Raveendran's law firm, Lazareff Le Bars. The sentence was originally handed down in May and was temporarily stayed last month.
The ruling effectively means Raveendran cannot return to Singapore without facing the jail term unless he pursues further legal remedies. His lawyer said Raveendran maintains that he did not intentionally violate any court order and will continue to challenge the decision through legal channels.
Legal Challenges Continue
Raveendran is also facing claims from foreign investors, including lenders in the United States (US) seeking to recover losses linked to a $1.2 billion term loan extended to Byju's.
The report added that a subsidiary of the Qatar Investment Authority (QIA) is pursuing legal action against Raveendran in Singapore. QIA welcomed the latest court ruling and said it would continue to explore all available legal remedies.
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Raveendran is currently not in Singapore. His lawyer said the court's order would have no immediate practical impact unless he decides to travel to the country, adding that he could pursue an appeal at that stage.
Byju's Crisis Deepens
Founded in 2011 as Think & Learn, Byju's became one of India's biggest edtech companies during the pandemic, backed by rapid fundraising and acquisitions, including Aakash Educational Services, Great Learning and Epic.
The company's financial troubles intensified after delays in filing audited financial statements, widening losses and governance concerns. The resignations of auditors and disputes with lenders over its $1.2 billion loan further added to its challenges.
The latest ruling adds to a series of legal and financial setbacks for Raveendran, who is also dealing with insolvency proceedings in India as Byju's continues to face legal disputes across multiple jurisdictions.
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