Byju's founders slam US lawsuit, allegations by GLAS as `baseless', term it conspiracy for control

New Delhi: Founders of Byju's on Thursday slammed allegations by Glas Trust in a recent lawsuit as completely "baseless and untrue", and termed it a part of their conspiracy to wrestle control of the company through "possible nefarious means".

Founders of the embattled edtech firm, Byju Raveendran, had recently filed an FIR against the former resolution professional (RP), a trustee representing US lenders, and certain EY employees.

"The allegations made by GLAS in the recent lawsuit are completely baseless and untrue. This lawsuit is a part of their conspiracy to wrestle control of BYJU’S through all possible nefarious means," Byju's founders said in a statement, which marks an escalation in the spat between the crisis-ridden edtech firm and GLAS Trust Company, which represents certain lenders.

The statement by founders further alleged, "It is nothing but yet another cog in the wheel of lies that GLAS, the illegal representative of disqualified lenders in the US, has been rotating for a long time now." The statement further accused GLAS of resorting to a strategy of allegedly intimidating the founders and management of Byju's for the last two years revolving around filing a "flimsy and frivolous lawsuit in the US" and then peddling it endlessly to "whitewash their criminal and unethical activities in India".

"A signed and verified affidavit that we submitted in the court of Delaware has the details of how the entire USD 1.2 billion loan was spent, to the last dollar. And yet, that affidavit was conveniently ignored and GLAS has continued to raise the question of the so-called missing USD 533 million repeatedly to mislead," the founders said in the statement.