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A US bankruptcy court has imposed penalties on Riju Ravindran, a board member of Byju's and brother of the company's founder, Byju Raveendran. The court found Riju Ravindran in contempt for repeatedly refusing to disclose the location of $533 million in term loan proceeds. The court also observed that Byju Raveendran's testimony was not truthful. Lenders allege fraudulent transfers and are seeking recovery of the missing funds. Riju Ravindran was on the board of the US-based entity Byju’s Alpha. Byju's has described the court's actions as 'judicial overreach and symbolic.' This development is part of Byju's $1.2 billion saga.
🚨More trouble for Byju's | U.S. court penalises Riju Ravindran, #Byju's director & founder's brother, for contempt of court after he refused to ascertain the location of the missing $533M. @Aish_19_Anand is here with more details. https://t.co/lAg7w6YfI2
📢U.S. court penalises Riju Ravindran, #Byju's director & founder's brother, for contempt of court after he refused to ascertain the location of the missing $533M. The #edtech calls it "judicial overreach & symbolic" @Shruti_Malhotra @Aish_19_Anand https://t.co/Tk8nVwQmE1
🔴U.S. court penalises brother of #BYJUs founder for defying the court's order, as per a Bloomberg report. Riju Raveendran faces financial penalties for contempt of court. @CNBCTV18News https://t.co/0kMa93xk7W
