Byju’s founders dismiss US lawsuit by GLAS as 'baseless', claims conspiracy to seize control

TOI Business Desk / TIMESOFINDIA.COM / Apr 11, 2025, 17:20 IST

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Byju's founders refute allegations by GLAS Trust, claiming a conspiracy to seize control. They assert the accusations are baseless and part of a smear campaign. Byju Raveendran filed a case in India against GLAS and EY employees. GLAS Trust counters, accusing Byju's of evading accountability after a US court ruling.

Byju’s founders dismiss US lawsuit by GLAS as 'baseless', claims conspiracy to seize control

Byju Raveendran (File photo)

The founders of embattled edtech firm Byju’s have strongly denied allegations made by GLAS Trust Company in a recent US lawsuit, calling them “completely baseless and untrue.�?
In a sharply worded statement issued on Thursday, the founders accused GLAS of conspiring to wrest control of the company through what they described as “possible nefarious means", as per news agency PTI report.
The latest remarks mark an escalation in the ongoing dispute between Byju’s and GLAS Trust, which represents a group of US-based lenders.
Byju Raveendran, founder of Think & Learn Pvt Ltd, had recently filed an FIR in India against the former resolution professional, the trustee GLAS, and certain EY employees.
“This lawsuit is part of their ongoing conspiracy to forcibly take control of Byju’s,�?the founders claimed. “It is nothing but yet another cog in the wheel of lies that GLAS, the illegal representative of disqualified lenders in the US, has been rotating for a long time.�?br/>The statement further accused GLAS of resorting to a strategy of allegedly intimidating the founders and management of Byju's for the last two years revolving around filing a "flimsy and frivolous lawsuit in the US" and then peddling it endlessly to "whitewash their criminal and unethical activities in India".
"A signed and verified affidavit that we submitted in the court of Delaware has the details of how the entire USD 1.2 billion loan was spent, to the last dollar.

And yet, that affidavit was conveniently ignored and GLAS has continued to raise the question of the so-called missing USD 533 million repeatedly to mislead," the founders said in the statement.
Meanwhile, in response to Byju's FIR, Glas Trust spokesperson, in an emailed statement to PTI, categorically refuted "the baseless and fabricated allegations" levelled by Byju Raveendran. It described Byju's latest allegations as another desperate act to refuse accountability.
"GLAS categorically denies the baseless and fabricated allegations made by Think & Learn's disgraced founder Byju Raveendran who has undertaken a campaign to place blame on everyone but himself.
"Byju's latest allegations should be seen for what they are: yet another desperate and lawless act to refuse accountability for his misconduct, following an extensive judicial process that resulted in T&L being placed into insolvency proceedings and which reinstated GLAS, in its capacity as agent and collateral agent representing the lenders, as the largest financial creditor of T&L," the statement said.
Glas Trust spokesperson further said that "in February 2025, a US Court found that T&L's founders and others were responsible for orchestrating and executing an unlawful scheme that defrauded lenders out of USD 533 million".
GLAS asserted it will take all appropriate steps to continue to vindicate its name and hold Byju and his cohorts accountable for the "harm he has caused to his lenders as well as thousands of T&L's customers and families".

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The TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.

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