US lender trustee Glas Trust denies allegations by Byju Raveendran

Glas would take all necessary actions to hold Byju Raveendran and his associates accountable for the harm caused to lenders and thousands of T&L customers, says spokesperson

Glas Trust -- the trustee for US lenders to Byju’s -- on Wednesday night rejected the allegations levelled by Byju Raveendran as “baseless and fabricated”, a day after the Byju’s founder wrote on X that he has filed a police complaint against a former insolvency resolution personnel, a trustee representing the Glas Trust and some employees of EY over “criminal conspiracy”.

 

Glas Trust accused Raveendran of attempting to deflect responsibility.

 

“GLAS categorically denies the baseless and fabricated allegations made by Think & Learn’s founder Byju Raveendran who has undertaken a campaign to place blame on everyone but himself,” said a spokesperson for Glas Trust.

 

 

“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.”

 

Raveendran has filed a police complaint against the former insolvency resolution professional (RP) of its bankrupt parent company, a trustee representing US lenders (Glas Trust), and some employees of consulting firm EY.

 

“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. I am not a flower; I am the fire that will shatter GLAS,” Raveendran wrote in a post on X, sharing a photo of the first information report.

 

In his post, he accused former resolution professional Pankaj Srivastava of unlawfully transferring the company’s insolvency process to Dinakar Venkatsubramanian, Rahul Agarwal, and Lokesh Gupta from EY, alleging that they acted as agents for GLAS Trust, which represents the US lenders.

 

Valued at $22 billion in 2022, Byju’s has seen its fortunes almost wiped out due to a massive cash crunch, regulatory issues and disputes with investors, including a battle with US lenders who are demanding $1 billion in unpaid dues, triggering the firm’s insolvency. The worth of once most valued Indian startup is zero now.