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Update | July 14, 18:44 IST

Hours after the report on the High Court’s order surfaced, BYJU’S has clarified that the dourt’s July 9 hearing concerned only an application to continue the stay on Byju Raveendran’s six-month civil contempt sentence pending appeal, and not the substantive appeal against the contempt finding itself.

The edtech startup said the appeal remains pending before the Singapore Court of Appeal and has not yet been heard.

The company added that the High Court’s refusal to extend the stay should not be construed as a rejection of Raveendran’s bid to overturn the contempt order. It also reiterated that the proceedings relate to civil contempt arising from disputed document disclosure obligations in ongoing arbitration proceeding.

According to the company, Raveendran remains outside Singapore and may seek interim relief from the Court of Appeal.

“Hence, this is not a new turn in the case. The stay was declined by the same court that made the underlying contempt finding, and that finding is precisely what is now being challenged before the Court of Appeal. The contempt order itself remains contested,” J. Michael McNutt, senior litigation advisor to Raveendran said.

Original | July 14, 15:29 IST

The High Court of Singapore (SGHC) has rejected BYJU’S cofounder Byju Raveendran’s bid to halt a six-month jail sentence for contempt, leaving the order in place should he return to Singapore.

On July 9, the SGHC declined Raveendran’s application to continue the stay on the sentence, Bloomberg reported, citing a statement issued by his law firm Lazareff Le Bars today.

Raveendran was sentenced to a six month jail term in Mayafter the court found him in contempt for failing to comply with multiple orders to disclose his assets dating back to April 2024.

The latest ruling comes months after theSGHC temporarily stayed the committal and surrender provisions on its erstwhile contempt order, putting the jail sentence on hold.

With the court rejecting his latest plea, the six-month sentence remains in place. Raveendran is currently outside Singapore, his lawyer said.

Raveendran’s legal team reportedly has denied the issuance of the order, saying no court had issued such a warrant. “Raveendran maintains that he did not breach any court order, intentionally or otherwise, and will continue to pursue every lawful remedy through the proper legal process,” Lazareff Le Bars’ litigation advisor John Michael McNutt said.

Raveendran’s lawyers contended that the contempt finding relate only to disputed document disclosure obligations and does not involve any criminal charges or findings of fraud, dishonesty or diversion of funds.

The Singapore proceedings were brought by a subsidiary of the Qatar Investment Authority (QIA), an investor in BYJU’S. QIA welcomed the ruling and said it would continue to pursue legal remedies against Raveendran.

The case adds to BYJU’S mounting legal troubles across India, Singapore and the US. Once valued at $22 Bn, the embattled edtech startup has spent more than two years mired in insolvency proceedings and disputes with lenders and investors.

Raveendran has maintained that neither he nor the other founders personally received any of the disputed funds. 

Separately, BYJU’S is nearing another key dispute resolution with its global lenders pertaining to its holding in K12 prep company Aakash before the Bengaluru bench of the NCLT on July 16. The two sides earlier told the tribunal that they were working towards a settlement.

The lenders are in advanced talks to acquire about a 30% stake in AakashEducational Services at a valuation of $2 Bn. In return, they could drop legal actions and allegations against Raveendran.

If completed, the deal could bring an end to a long-running dispute between BYJU’S and its Term Loan B (TLB) lenders. The battle dates back to 2023, when GLAS Trust, acting on behalf of the lenders, accused Raveendran of misappropriating funds.

In the US, the dispute centres on BYJU’S $1.2 Bn term loan and the transfer of $533 Mn from BYJU’S Alpha, its US-based financing vehicle.

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