Byju’s founder, Byju Raveendran, recently announced filing a first investigation report (FIR) against Pankaj Srivastava, the former resolution professional (RP) of Think & Learn, Glas Trust, along with a few EY employees.
Byju Raveendran files FIR
Sharing a photo of the FIR filed on social media platform X, Raveendran wrote “FIR filed against those involved in a criminal conspiracy against BYJU'S: Pankaj, the RP who illegally handed over the insolvency process to Dinkar, Rahul & Lokesh from EY who are the agents of GLAS, a collective of crooks.”
The FIR comes days after a whistleblower from EY India recently alleged that the firm collaborated with Glas Trust, appointed by Srivastava to assist in managing the insolvency proceedings.
“I am not a flower; I am the fire that will shatter GLAS,” Raveendran claimed in the post.
In another post, the Byju’s founder tagged EY Chairman Rajiv Memani, asking, “Is this fraud INDIVIDUAL or INSTITUTIONAL @Rajivmemani?”
“If it's the former, you must suspend the culprits now. There are tons of proof that I will share. There are burning questions you must answer. It's the least you can do to help the EY Entrepreneur of the Year 2018 & 2020,” he wrote, sharing a photo of himself from a past event winning the award.
Once an Edtech giant, Byju’s is now going through a financial crisis over mounting debts and legal disputes. Amid the chaos, its founder, Byju Raveendran, is reiterating claims of being framed for fraud.
Avout Byju's
Byju’s financial issues began after the edtech startup failed to repay a $1.2 billion Term Loan B. A group of lenders, represented by Glas Trust, approached the National Company Law Tribunal (NCLT) in India to recover Rs 11,432 crore. In June 2024, the NCLT ruled in favour of the lenders, giving them control over Byju’s financial decisions.
Raveendran and his team contested the decision, disclosing that the lenders had not considered a separate Rs 158 crore dispute with the Board of Control for Cricket in India (BCCI).
Last week, the Byju’s founder posted a viral photo with the caption "Broke, not broken," expressing hopes to revive his troubled company amid insolvency and financial struggles.
However, Glas Trust on Wednesday night rejected the allegations by Byju Raveendran as “baseless and fabricated”.
They accused Raveendran of attempting to deflect responsibility.
“GLAS categorically denies the baseless and fabricated allegations made by Think & Learn’s founder Byju Raveendran who has undertaken a campaign to place blame on everyone but himself,” said a spokesperson for GLAS Trust.
Also read: Namita Thapar Slams Hotmail’s Sabeer Bhatia For Claiming 99% Indian Engineers Have Poor Work Ethic (startuppedia.in)
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