BYJU’S current resolution professional (RP), Shailendra Ajmera, has filed a lawsuit against the edtech company’s former directors—Byju Raveendran, Riju Ravindran, and Divya Gokulnath—for allegedly transferring company assets improperly. The case, submitted to the National Company Law Tribunal (NCLT) on April 18, also names former group CTO Jiney Thathil. According to an ET report, the RP has sought compensation for what he claims were fraudulent transfers: $533 million moved by BYJU’S U.S. subsidiary to related entities, and INR 130 crore transferred from Think & Learn to an Indian subsidiary.
The founders of BYJU’S have denied the allegations, calling them baseless and part of a repeated effort to defame them without evidence. The next hearing is set for July 9.
Separately, the Institute of Chartered Accountants of India (ICAI) is resuming its investigation into financial irregularities at BYJU’S. A new bench within ICAI’s disciplinary committee will continue the probe, which began in 2022. ICAI’s Financial Reporting Review Board had earlier flagged negligence by BYJU’S auditors in its reports.
Ajmera was appointed as RP in March after the NCLT deemed the former RP, Pankaj Srivastava, unfit for the role—echoing concerns raised by major creditors like GLAS Trust and Aditya Birla Capital over being excluded from key decisions.
Additionally, earlier this year, a U.S. bankruptcy court ruled in favor of BYJU’S lenders in a case involving a $1.2 billion term loan, linked to a disputed $533 million transfer from BYJU’S Alpha to Camshaft Fund. Meanwhile, the founders claimed that the former RP, auditor EY, and lenders colluded against them, which they called “criminal collusion” in a LinkedIn post.
