Byju's Founders Deny GLAS Allegations Amidst Fierce Legal Battle

The founders of Byju's strongly refute allegations made by GLAS Trust in a US lawsuit, viewing them as an attempt to take control of the company. Byju Raveendran has filed an FIR implicating various parties, while GLAS stands firm in its claims against Byju's alleged financial mismanagement.

The founders of Byju's have categorically rejected recent allegations made by GLAS Trust in a lawsuit filed in the United States. The founders, including Byju Raveendran, argue that the claims are unfounded and a strategic move by GLAS to seize control of the firm using dubious methods.

Byju Raveendran lodged a First Information Report (FIR) against a former resolution professional, a trustee representing US lenders, and employees of EY, accusing them of unethical conduct. The lawsuit, according to Byju's, is an outright fabrication aimed at undermining the company's management.

A statement from GLAS, however, challenges Byju's position, accusing the company of deflecting accountability. GLAS emphasized its intention to continue legal proceedings in defense of its reputation and to hold Byju accountable for alleged misconduct that includes defrauding lenders of USD 533 million.

(With inputs from agencies.)