Byju Raveendran, the founder of embattled edtech giant BYJU’S, has accused Ernst & Young India, GLAS Trust and the interim resolution professional (IRP) of colluding to bring down the company.
In a statement on LinkedIn, Mr Raveendran claimed that he had gathered “conclusive evidence of criminal collusion” by the three entities, prompting him to call for a swift and thorough investigation.
Mr Raveendran began his post by stating, “I am the Byju of BYJU’S, and I am here now. I should have been here sooner. But I was too busy building my company. Then I was too busy saving everything I built.”
He stressed that his focus had always been on BYJU’S, even when it meant putting everything on the line, including his personal assets. “You have been told my family made a fortune by selling our shares. But that’s just half the story. You haven’t been told that all that ‘fortune’ has been put back in our company,” Mr Raveendran said.
The allegations come at a time when BYJU’S is embroiled in a financial and legal crisis. Mr Raveendran accused EY India, GLAS Trust and the IRP of conspiring to sabotage the company. “EY India, which I otherwise held in high regard, GLAS Trust, which claims to represent the lenders it does not represent, and the IRP who was appointed by an Indian court to protect BYJU’S but ended up destroying it,” his post read.
According to the BYJU’S founder, he and “several employees received a document with conclusive evidence of criminal collusion” between these three entities.
“I am sure a thorough investigation of this evidence will reveal the truth. I request the authorities to take that up immediately,” Mr Raveendran added.
BYJU’S, once valued at $10 billion, is facing a series of challenges, including a $1.2 billion term loan default and insolvency proceedings.
The company is also embroiled in a dispute with the Board of Control for Cricket in India (BCCI) over an unpaid sponsorship fee of Rs 158.9 crore.
While BYJU’S and BCCI reportedly reached a settlement, GLAS Trust objected, claiming funds were misallocated, prompting the National Company Law Tribunal (NCLT) to direct BCCI to present the settlement to the Committee of Creditors (CoC). This decision could determine whether BYJU’S can avoid insolvency.
Despite these challenges, Mr Raveendran said that he is firm in his belief that BYJU’S will recover. “For me, every setback is just a setup for a greater comeback. Those who know me know that I never complain about my circumstances. There are some circumstances that I can control, some I have to live with, and a few that are simply unfair,” he added.
