New Delhi [India], July 18 (ANI): In a series of statements, the founder of the struggling ed tech company BYJU's, Byju Raveendran, has stated that the legal representatives of the GLAS trust have presented unverified accusations against him during a hearing in a US Court in Delaware. GLAS Trust is the entity that acts on behalf of the lenders.
In a post on X, Byju Raveendran claimed, "Surprising disclosures from Delaware court records! GLAS attorney Ravi Shankar is once again fabricating stories to influence rulings. He is promoting 'reports' suggesting I am in talks with senior Indian officials for 'large payments' — completely false, with no proof provided. This is happening in a legal case where I am not even involved to defend myself!"
"Extract from the transcript: Shankar states these 'reports' indicate private or unofficial agreements to settle FEMA issues. NO EVIDENCE, ONLY ATTACKS! These FEMA investigations targeted TLPL - currently illegally controlled by GLAS, represented by Ravi Shankar as 99% of the COC! Why would I," the second post stated.
"The evidence? There isn't any. Only that Ravi Shankar and GLAS have 'received reports.' From where? Their own distorted inner thoughts? This is their strategy: -Make an exaggerated statement in Delaware to create fear and influence decisions in the Delaware court. -Repeat the figures '533m' and '1.2b' multiple times, without," the third post stated.
Further, Byju Raveendran alleges that the legal team has been leaking information to harm his reputation.
"This isn't an isolated incident. Shankar has consistently used slide decks to mislead—by leaving out important details about signatures, jurisdiction, and service dates to create a misleading image. It's a recurring pattern of courtroom drama: lie and omit in US court, leak information to Indian media, and harm reputations while all my significant payments were directed to TLPL. Today, I have nothing left except my shares in TLPL! And, for the nth time, no funds are 'missing' and we do not possess any of these funds! The future of thousands of employees and millions of students has been ruined by GLAS...," his posts stated.
Byju Raveendran also stated that he is working on a $2.5 billion legal case targeting the investor.
I've had enough of their defamation efforts and the misrepresentation in court. Moving forward, I will utilize all available resources to force them to rectify the harm they've done and ensure they make significant payments that will aid in rebuilding our company. We are getting ready to file a $2.5 billion lawsuit against... This goes beyond me. It's about justice for the thousands who have supported us despite being manipulated, misled, and subjected to legal intimidation. We will fight back—using the truth, evidence, and every relevant platform," he stated in his post.
Previously, the founders of BYJU'S mentioned that they were thinking about taking legal steps against entities they claim are attempting to harm their business.
"The behavior of Alpha, Glas Trust, and its lawyers in front of the courts has been unacceptable and inappropriate in our opinion. We retain the right to employ all legal methods to achieve justice for the BYJU's founders. Legal claims have already been filed in India against Glas Trust, which was previously a subsidiary of Think & Learn, and now Glas Trust asserts it has control over other parties," said J Michael McNutt, Senior Litigation Advisor at Lazareff Le Bars Eurl on behalf of the BYJU's founders.
"Further claims are being developed against these parties in different regions. These claims, which may be filed by all or some of BYJU's founders, are anticipated to seek financial compensation of at least $2.5 billion," the Litigation Advisor stated.
BYJU's additionally stated that there is no court order in any region, including India or the United States, mandating Byju Raveendran or Divya Gokulnath to pay any sum to Think & Learn, or any affiliated entity of Think & Learn. (ANI)