Byju Raveendran Demands Probe into EY-Glas Trust Collusion

Breaking his silence via a LinkedIn post, Byju Raveendran, the founder and CEO of the bankrupt edtech firm Byju’s began the post by stating, “I am the Byju of BYJU'S.” He narrated his ordeals detailing what went wrong and how the situation is being misrepresented. He insisted on involving directly with the public, revealing that he has sold everything he owns “to keep his mission alive”.

The founder urged for a “thorough investigation” into alleged collusion and fraud involving the firm’s lender Glas Trust, consultancy firm EY, and former resolution professional Pankaj Srivastava.

He wrote on LinkedIn, “I am the Byju of BYJU'S, and I am here now. I should have been here sooner. But I was too busy building my company. Then I was too busy saving everything I built. I have long been wanting to connect with you directly. But I was waiting for justice to be done and truth to prevail. Today, I do not want to wait. Today, I cannot wait,”

The statement comes following a viral LinkedIn post by EY India alleging that the audit firm worked with Glas Trust and was appointed by Srivastava to advise him on Byju’s insolvency proceedings.

Raveendran said, “Me and several employees received a document with conclusive evidence of criminal collusion between EY India, which I otherwise held in high regard, Glas Trust, which claims to represent the lenders it does not represent, and the IRP (resolution professional Srivastava) who was appointed by an Indian court to protect Byju’s but ended up destroying it.”

“I am sure a thorough investigation of this evidence will reveal the truth. I request the authorities to take that up immediately," he added.

Previously, former resolution professional of insolvency-bound Byju's, Pankaj Srivastava challenged the disciplinary action recommended against Byju Raveendran by the Bengaluru bench of the NCLT by approaching National Company Law Appellate Tribunal (NCLAT).

The National Company Law Tribunal (NCLT) on January 29 directed disciplinary proceedings against Byju’s resolution professional and overturned his decision to exclude Glas Trust and Aditya Birla Finance from the CoC.

However, Raveendran’s wife and Byju’s co-founder, Divya Gokulnath wrote in another post, “Byju's post and account were taken down. Investigating why. But no problem. Here we go again :)”