'I chose resolution over confrontation': Byju Raveendran calls Singapore jail term a ‘procedural contempt order’

Raveendran was sentenced to six months in jail on Wednesday by a Singaporean court for contempt, reports stated.

Byju Raveendran, the co-founder of education technology company Byju's, released an official statement regarding the 6-month jail sentence issued by a Singaporean court on Wednesday, calling the verdict "a procedural contempt of court order."

The court said he had disobeyed multiple orders related to the assets he owned dating back to April 2024, after which he was directed to serve jail time.

"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," said Raveendran in a statement on Wednesday.

"The lenders, including GLAS Trust and QIA, as well as other stakeholders, have been in discussions with the founders and other parties. 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," he explained.

"As part of the settlement discussions, the parties have also acknowledged that there has been no wrongdoing on my 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," he added.

Calling the QIA's decision an "unnecessary pressure tactic at a sensitive stage," he said he chose resolution over confrontation.

"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 also said that he has always maintained that he acted in good faith and in the best interests of Byju's, its employees, students and stakeholders.

"Even today, my priority is to support a constructive resolution and avoid saying anything that may affect the ongoing settlement process. However, I cannot allow a false and one-sided narrative to go uncontested and I strongly reject any such incorrect portrayal," he said.

Raveendran has been directed to appear on 15 June and appeal options are available.

Raveendran has been ordered to surrender himself to authorities, pay costs of $90,000 (Rs 67.50 lakh) and provide documents proving his legal ownership of Beeaar Investco Pte, a corporate entity that held shares in a related company.