Byju Raveendran Files FIR Against EY Partners and GLAS Trust for Alleged Criminal Conspiracy in BYJU’S Insolvency Case
Byju Raveendran has filed an FIR accusing EY, GLAS Trust, and a former official of plotting against BYJU’S during its insolvency case, and claims the dispute with BCCI was overlooked.
BYJU’S founder, Byju Raveendran has filed a First Information Report (FIR) accusing former insolvency official Pankaj Srivastava, employees of consulting firm Ernst & Young (EY), and representatives of GLAS Trust of being part of a “criminal conspiracy” against his company during its ongoing insolvency proceedings. Raveendran made the FIR public through a post on X...
BYJU’S founder, Byju Raveendran has filed a First Information Report (FIR) accusing former insolvency official Pankaj Srivastava, employees of consulting firm Ernst & Young (EY), and representatives of GLAS Trust of being part of a “criminal conspiracy” against his company during its ongoing insolvency proceedings.
Raveendran made the FIR public through a post on X (formerly Twitter), sharing an image of the complaint and naming key individuals:
“FIR filed against those involved in a criminal conspiracy against BYJU'S: Pankaj, the RP who illegally handed over the insolvency process to Dinkar, Rahul & Lokesh from EY, who are the agents of GLAS, a collective of crooks.” He didn’t stop there. In a passionate follow-up, he declared: “I am not a flower; I am the fire that will shatter GLAS.”
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The FIR follows serious claims made earlier by a whistleblower from EY India, who alleged that the firm collaborated with GLAS Trust, appointed by Srivastava, to influence the insolvency process in favor of the lenders.
Raveendran also addressed EY Chairman Rajiv Memani in another post, asking whether the alleged misconduct was personal or systemic, and urging the suspension of those involved. He reminded the public that he was awarded EY Entrepreneur of the Year in both 2018 and 2020, posting a photo from the ceremony as a symbolic reminder of the trust he once shared with the firm.
BYJU’S, once India’s most valued startup, has been battling financial troubles since it defaulted on a $1.2 billion Term Loan B. In response, global lenders represented by GLAS Trust took legal action, seeking recovery of Rs. 11,432 crore through India’s National Company Law Tribunal (NCLT). In June 2024, the tribunal gave lenders control over the company’s important financial decisions.
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Raveendran and his legal team have opposed this decision, arguing that a Rs. 158 crore dispute with the Board of Control for Cricket in India (BCCI) was overlooked during the proceedings. They believe this dispute should have been resolved first, as it affects the overall financial picture of the company.
The FIR, coupled with ongoing legal disputes and regulatory scrutiny, could reshape the future not just for BYJU’S but also for how insolvency proceedings involving startups and international creditors are handled in India. With multiple legal fronts now active, the final outcome remains uncertain, but it is clear that Byju Raveendran is far from stepping back.
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