New Delhi: In a dramatic turn of events, Byju Raveendran, the founder of BYJU’S, has publicly accused Ernst & Young India, GLAS Trust, and the interim resolution professional (IRP) of engaging in “criminal collusion” to sabotage his company. This revelation comes at a critical juncture for BYJU’S, which is currently embroiled in a financial and legal crisis in New Delhi. Raveendran’s allegations, made via a LinkedIn post, highlight a complex web of financial struggles and legal disputes that have plagued the edtech giant.
Raveendran emphasized his unwavering commitment to BYJU’S, stating that he had invested his personal assets into the company. He also addressed rumors about his family’s wealth, clarifying that any profits from share sales were reinvested in BYJU’S. The accusations against EY India, GLAS Trust, and the IRP are based on what Raveendran claims is “conclusive evidence” of their involvement in a conspiracy to undermine BYJU’S.
BYJU’S is facing significant challenges, including a $1.2 billion term loan default and ongoing insolvency proceedings. Additionally, the company is involved in a dispute with the Board of Control for Cricket in India (BCCI) over an unpaid sponsorship fee. Despite these challenges, Raveendran remains optimistic about BYJU’S recovery, viewing each setback as an opportunity for a greater comeback.
