Byju Raveendran, Founder and CEO of an Edtech Company named Byju’s, has broken his silence. Byju’s once was valued more than $22 billion now has become bankrupt. Now, Byju Raveendran has again come online on his LinkedIn profile. He was among media months back clarifying his move to Dubai, but now he is online for justice. Let’s explore what he spoke.
Byju Raveendran’s Satement After Months.
Byju Raveendran, founder and CEO of bankrupt edtech company. After so many months he has finally broke his silence, asking justice. Last time, In October last year, the founder had come out to clear the air about misconceptions regarding his move to Dubai.
Byju Raveendran took social platform LinkedIn to interact with public, and give explanation. Byju wrote, “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”.
His statement follows a viral LinkedIn post by a whistleblower from EY India, which alleged that the audit firm worked with Glas Trust and was appointed by Srivastava to advise him on Byju’s insolvency proceedings.
“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,” Raveendran wrote. “I am sure a thorough investigation of this evidence will reveal the truth. I request the authorities to take that up immediately,” he added.
“You have been told my family made a fortune by selling our shares. But that’s just half the story. You haven’t been told that all that ‘fortune’ has been put back in our company,” Raveendran said, reiterating ambitions to stage a turnaround.
In the post, he even alleged a collusion of criminal between EY India, US-based lender GLAS Trust, and the firm’s IRP Pankaj Shrivastava. “I am sure a thorough investigation of this evidence will reveal the truth. I request the authorities to take that up immediately,” Byju Raveendran said.
He wrote with sad heart, “I live with the regret of not being able to fulfil the promises I once made to all my stakeholders. Trust me, we did everything in our capacity to stop the insolvency”. He further stated ensuring a strong comeback and asking forgiveness, “From now on, you will hear it directly from me…To all BYJUites, past and present, I have just one message: stay strong, stay proud. Forgive me for my mistakes. We will be back stronger than ever before”.
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