“We built in India, and I paid taxes in India”: Byju Ravendran returns to the “fugitive” claims

The founder of byju and the executive director byju ravendran refuted the allegations that he describes as “fugitive”, describing them as part of a “fake narration” driven by a media campaign and coordinated to control the besieged Edtech company.

In an exclusive interview with Ani, Ravendran claimed that some lenders in the United States were behind efforts to distort the company’s image. He said: “They destroyed the value of all stakeholders – investors, employees, everyone,” accusing them of creating “prejudice” in the Indian courts by describing him and his brother as a two.

“These are novels that they created in trying to control the company. Unfortunately, in a company based on the name of the founders, or where the founder played an important role in the first years, they miss the fact that if you distort the name of the founder, it will have a great impact on the company’s evaluation,” said Rafndan.

EDTECH GIANT, which has a value of $ 22 billion, has witnessed its wealth inconvenience in the escalation of financial problems, organizational scrutiny, and ongoing legal disputes.

In addressing more allegations as “fugitive”, Ravendran stressed that this claim was merely a component of what it indicated as a “malicious media campaign.” He explained that the term did not mention orally and was only included in any official documents.

He added: “Our wealth and our company have been fully established in India. All profits were generated inside India, taxes were paid in India, and investments have been reinforced in India.”

Ed probe

Ravendran explained that the investigation of the company’s enforcement directorate focuses on companies’ issues and not personally. He stressed that they have always traveled freely to India from Dubai as a base for international expansion, and stated that allegations were fabricated without any basis. ED investigation is linked to the company and is currently in the classroom, not a personal issue.

Regarding the reported generalizations, Ravendran stated that the information has been leaked and has not been officially disclosed by ED. He explained that ED does not publish such notifications to maintain the integrity of their investigations, which attributes any confusion to the reports of misleading media.

Ravendran also explained that there was no legal issue or the ban laundering law (PMLA) against him, only calling for his cooperation.

“I was traveling to India like even after the investigation of the ED began. First, if Ed did a monitoring notice, they will never make this audience because this defeats this purpose. It is a wrong media novel about the investigation of the ED, it was never at all. The investigation was closed.

Hedge boxes and long -term loan

Ravendran blamed a set of US hedge funds, which are based in the United States to produce his vision to create a million educational jobs in India, describing them as “Nisrun’s lenders” whose actions were destroyed by the company and the stakeholders.

Rafandran recalled the financial status of the company one day, and told Ani: “Two years ago, we were sitting on thousands of graves. Today we have nothing.” He added that despite the crisis, many supporters intervened to help raise new capital. “We have supported many good people over the past two years – they were all targeted individually,” he claimed.

According to Ravinderran, repercussions were organized by a handful of American entities. He said: “It is not a conspiracy by many. It is literally hedging boxes – some Americans and a few Indians in the United States,” accusing them of manipulating the situation for personal gains.

Thinking about a decisive financial decision in 2021, Ravendran admitted the company’s mistake in obtaining a loan of $ 1 billion despite the availability of stock options. He said: “We already raised $ 5 billion before that. It was not despair. It was a collective decision – but it was too late, it was not possible to take this loan.”

Ravendran also talks about the BYJU employment model and its social impact, especially for the young manpower in India. He said: “We have created about 40,000 educational jobs and more than 2.15 of the roles for the new graduates, and many of them are fixed salaries.” “It was more than just work – it was a movement. All of it was lost because of the greed of a few.”