Byju Raveendran has made a serious allegation that a conspiracy is being orchestrated against him and his edtech company, Byju’s, which is currently undergoing bankruptcy proceedings. In a strongly worded post on X, he claimed that individuals who had filed lawsuits against him were caught on video conspiring to fabricate allegations of fraud.
In the post, Raveendran wrote, “Those who sued us caught on video conspiring to create false fraud claims. Their lies end now.” He attached a one-minute, 44-second video, which he described as a screen recording of a virtual meeting involving Byju’s shareholders and their legal representatives. He thanked his well-wishers for providing him with the footage and warned that more revelations were coming.
The video appears to show Lomesh Kiran Nidumuri, a partner and head of disputes (South India) at the prestigious law firm Cyril Amarchand Mangaldas, and Shankh Sengupta, a partner and head of disputes and white-collar practice at Trilegal, discussing their legal strategy regarding the insolvency petition against Byju’s in the National Company Law Tribunal (NCLT).
In the recording, Nidumuri is heard admitting that while they currently do not have direct evidence of fraud, they need to carefully craft their argument because fraud claims are crucial for achieving certain legal advantages. “Unless and until you treat fraud specifically, our ability to get a lot of injunction reliefs goes away,” Nidumuri says, adding that they must be strategic in how they handle the case. He also mentions that NCLT Bangalore is notorious for procedural delays, cautioning that any weakness in their petition could result in significant delays. “So, we need to make sure the petition is absolutely kosher... Otherwise, you are looking at a lot of delay at the NCLT level itself.”
Following Nidumuri’s remarks, Sengupta is heard discussing how they should present allegations in legal documents. He acknowledges that some of the allegations may not be fully supported by demonstrable proof but insists that the language of their submission should still suggest fraudulent behavior on the part of Byju’s management. “The idea of putting those allegations in the draft petition was to show the shareholders what an ideal petition should look like, but we won’t retain a large number of allegations if we are not able to substantiate them with proof,” he says. “Having said that, we will still use language in our submission that will indicate fraudulent behavior on the part of the management and the promoters.”
This video could prove to be a major development in Byju’s ongoing legal battle, as it suggests that at least some of the fraud allegations against Raveendran and his company were being deliberately framed to strengthen the case against them. The authenticity of the video has not yet been verified, and the law firms involved have not publicly responded to the allegations. However, if the video is proven to be genuine, it could raise serious ethical and legal questions about the conduct of those pursuing insolvency proceedings against Byju’s.
Byju’s, once India’s most valuable startup, has been struggling financially for over a year. The company was placed under insolvency proceedings in 2024 after failing to meet financial obligations. The situation worsened in October 2023, when the Supreme Court ruled that the National Company Law Appellate Tribunal (NCLAT) had not followed proper legal procedures when allowing a debt settlement between Byju’s and the Board of Control for Cricket in India (BCCI). This decision effectively reopened the case, enabling other creditors and investors to take legal action against the company.
Now, with bankruptcy proceedings underway, Byju’s is facing intense scrutiny from multiple stakeholders. The company has also been accused of mismanagement, financial irregularities, and failing to repay debts. Raveendran, however, has consistently maintained that he and his company are being unfairly targeted.
The release of this video adds another layer of complexity to the already high-stakes legal drama. If the claims made in the recording hold up under legal scrutiny, they could significantly alter the trajectory of the case. It remains to be seen how Byju’s opponents and the legal firms implicated in the recording will respond to these explosive allegations.
