Byju's Founder Alleges Misconduct in Insolvency Proceedings

Byju Raveendran, founder of Byju's, has made a public appeal on LinkedIn, alleging misconduct in the company's insolvency proceedings. He claims there is conclusive evidence of criminal collusion between EY India, GLAS Trust, and the interim resolution professional handling the case. Raveendran has urged authorities to investigate these claims, stating that the insolvency process has harmed Byju's rather than preserving its value.

Whistleblower Claims and EY India's Response

Amid these allegations, a whistleblower from within EY India has come forward, claiming the insolvency process was compromised by conflicts of interest and improper influence from GLAS Trust. The whistleblower document alleges that EY India’s prior engagements with both Byju’s and GLAS Trust were not disclosed when the firm took on an advisory role in the insolvency process. EY India has responded, stating that the allegations are not credible and are without basis.

Byju's Commitment to Revival

Raveendran has expressed his determination to prevent the company from falling into the wrong hands and has put his personal assets, including his home, on the line to keep the company afloat. He has invited former and current employees to join efforts to revive the company, countering allegations that his family profited from share sales.