What is Riju Ravindran's role in the Byju's controversy?

Riju Ravindran is a suspended director and promoter of Think & Learn Pvt Ltd (TLPL), the parent company of Byju's.

How is Glas Trust, Byju's creditor, involved in the Aakash rights issue?

Glas Trust, which holds a 99.25% voting rights in TLPL, is attempting to raise funds through a Compulsory Convertible Debenture (CCD) agreement to participate in the ongoing rights issue of Aakash Educational Service Pvt Ltd (AESL), in which TLPL owns a 25.7% stake.

What is the legal dispute around the CCD agreement?

Riju Ravindran has challenged the legality of the CCD agreement, alleging it violates FDI and FEMA regulations. The matter is now before the insolvency tribunal NCLT.

Home / Business and Economy / Suspended Director Alleges Byju's Creditor's Illegal Fundraising Scheme

Suspended Director Alleges Byju's Creditor's Illegal Fundraising Scheme

16 Nov

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Summary

Byju's creditor Glas Trust accused of violating FDI and FEMA regulations
Glas Trust attempting to raise funds to participate in Aakash Educational Service rights issue
Suspended director Riju Ravindran challenges the legality of the Compulsory Convertible Debenture agreement

Suspended Director Alleges Byju's Creditor's Illegal Fundraising Scheme

On November 16, 2025, a suspended director and promoter of Byju's parent company Think & Learn Pvt Ltd (TLPL), Riju Ravindran, has moved the insolvency tribunal NCLT against a Compulsory Convertible Debenture (CCD) agreement between TLPL and a wholly-owned subsidiary of Byju's US-based financial creditor, Glas Trust Co.

Riju alleges that Glas Trust, which holds a 99.25% voting rights in TLPL, is attempting to raise money illegally to participate in the ongoing rights issue of Aakash Educational Service Pvt Ltd (AESL), in which TLPL owns a 25.7% stake. Glas Trust had earlier failed to get a stay order from the NCLAT and the Supreme Court regarding the AESL rights issue.

The CCD agreement was proposed in a recent Committee of Creditors (CoC) meeting, where Glas supported it while two other members abstained. The resolution professional approved the agreement, as Glas holds a dominant voting share. However, Riju's representatives raised concerns about the legality and enforceability of the CCD arrangement.

Now, Riju has moved the NCLT, terming the CCD subscription agreement as "invalid and unenforceable under Indian law". He has requested the tribunal to set aside the CoC's approval and declare the CCD agreement as void and illegal.

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