Byju Raveendran, the founder of the embattled edtech giant BYJU’S, recently took to LinkedIn to address the company’s struggles and legal challenges. In a heartfelt post, he alleged that US lenders Glas Trust and the appointed resolution professional have played a role in the downfall of the company. Raveendran expressed his dismay at the alleged collusion between EY India, Glas Trust, and the resolution professional, outlining his concerns about the destruction of BYJU’S.
The Allegations and the Fallout
Raveendran’s candid post shed light on a document he received, containing what he described as conclusive evidence of criminal collusion between EY India, Glas Trust, and the resolution professional. The founder, who had previously held EY India in high regard, expressed his disappointment at the unfolding situation. He highlighted the role of Glas Trust, claiming that the organization misrepresented the lenders it purported to represent. Moreover, he criticized the resolution professional for failing in the duty to protect BYJU’S, ultimately leading to its demise.
The Impact and the Call for Action
In a poignant plea to his audience, Raveendran revealed the personal sacrifices he had made for the company’s sake. He debunked rumors about his family’s alleged financial gains from selling shares, emphasizing that the proceeds had been reinvested in BYJU’S. The founder shared a vulnerable side of his journey, recounting how he had sold his house and mortgaged his family’s future to support the company. Despite the challenges, Raveendran expressed optimism about a potential resurgence and urged past and present employees to stand together in the face of adversity.
Looking Ahead: A Glimmer of Hope
As the dust settled on the recent developments, BYJU’S parent company Think & Learn’s committee of creditors made a pivotal decision. The CoC passed a resolution to replace the existing resolution professional with Shailendra Ajmera. This move signaled a potential turning point in the ongoing saga, with hopes for a fresh start under new leadership. Glas Trust conveyed this decision to the National Company Law Tribunal (NCLT), marking a significant transition in the company’s restructuring process.
In conclusion, Byju Raveendran’s candid revelations on social media have sparked a wave of introspection and scrutiny within the corporate landscape. The alleged collusion involving EY India, Glas Trust, and the resolution professional has raised pertinent questions about accountability and transparency in business dealings. As BYJU’S navigates through turbulent waters, the founder’s resilience and unwavering commitment to the company’s mission serve as a beacon of hope for a brighter future. Stay tuned as this compelling narrative continues to unfold, promising twists and turns that could reshape the edtech industry.