Byju’s content manager, business partner face US court sanctions
A federal judge is considering imposing millions of dollars in sanctions on Byju’s manager Vinay Ravindra and company ally Rajendran Vellapalath, who founded Dubai-based tech startup Voizzit Technology.
At a court hearing Tuesday, US Bankruptcy Judge John T. Dorsey said he will issue an “order to show cause” that would force the two tech executives to justify their actions, or be declared in contempt of court and be required to pay financial penalties.
Lenders owed more than $1.2 billion are fighting to liquidate US education software companies that Byju’s purchased a few years ago for $820 million. Byju’s, founded by controversial entrepreneur Byju Raveendran and his family, is in bankruptcy in India after defaulting on the debt it owes US lenders.
Last month, a Nebraska businessman testified that he spent months helping Raveendran try to regain control of Byju’s US software companies, which are being run by a court-supervised trustee. The effort failed and the businessman, William Hailer, ultimately broke with Raveendran and accused the entrepreneur of unethical business tactics.
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