US bankruptcy court imposes penalty on Byju’s director, says testimony ‘not truthful’

A US judge has imposed financial penalties on Riju Ravindran, brother of edtech major Byju’s founder Byju Raveendran, after the former failed to disclose the whereabouts of $533 million sought by lenders, a report in Bloomberg said. The judge also concluded Ravindran’s testimony to be “not truthful” and said he either knows where the money is being hidden and won’t say or he refused to find out.

Ravindran, along with his brother and sister-in-law, are the directors of Indian technology company Think & Learn Pvt Ltd, which is embroiled in a tussle with lenders over a debt exceeding $1.2 billion. The quantum of financial penalties announced will be decided in a future hearing, US Bankruptcy Judge John Dorsey said Tuesday in Wilmington, Delaware.