Byju Raveendran to file for $2.5 billion damages

IByju's founder Byju Raveendran is preparing to file a USD 2.5 billion damages claim, alongside new evidence in a US court that he says disproves GLAS Trust's allegations that USD 533 million in ‘Alpha Funds’ was diverted by the company's founders.

- PTI

A US bankruptcy court had, in a default ruling last week, ordered Raveendran to pay more than USD 1 billion, saying the former corporate star, who set up the eponymous Indian edtech and tutoring company, had refused to cooperate with legal efforts to locate almost half the proceeds from a USD 1.2 billion US term loan made in 2021.