Byju Raveendran Fights Back: FIR Lodged Against Resolution Professional, EY Executives in Glas Trust Row

There are moments in the corporate world when the public façade of boardroom diplomacy breaks—and the rawness of personal defiance takes center stage. Byju Raveendran, the once-revered edtech pioneer who built India’s most talked-about unicorn, has stepped into such a moment. This weekend, he turned to social media—not just for optics but to launch an explosive counteroffensive.

In a dramatic post on X (formerly Twitter), Raveendran announced that he had filed a First Information Report (FIR) against Pankaj Srivastava, the former Resolution Professional (RP) for Think & Learn, along with EY employees Rahul, Dinkar, and Lokesh, accusing them of conspiring with Glas Trust—a firm representing Byju’s lenders and spearheading the insolvency proceedings.

His language was unequivocal and emotional:

“I am not a flower; I am the fire that will break GLAS.”

With that, he made it clear: the battle for Byju’s is now as personal as it is legal. The post also included a snapshot of the FIR, accompanied by a sharply worded accusation—calling GLAS an “association of crooks” and claiming that EY acted as their “agents.”

This comes in the wake of a whistleblower post from an EY India insider on LinkedIn, alleging collusion between EY and Glas Trust. According to the whistleblower, EY had privileged access to sensitive documents that could indicate criminal wrongdoing, and key executives acted in ways that undercut Byju’s ability to restructure on its own terms.

Byju’s financial collapse—sparked by a $1.2 billion default on a Term Loan B—has been playing out like a corporate thriller. In June 2024, the NCLT (National Company Law Tribunal) handed over control of Byju’s finances to the lenders. Since then, Glas Trust has effectively run the show. Raveendran's resistance to that decision has been consistent but largely unheeded—until now, when he’s gone on the offensive.

In another piercing post, Raveendran challenged EY India Chairman Rajiv Memani directly:

“Is this fraud INDIVIDUAL or INSTITUTIONAL @Rajivmemani?” he asked.

He then invoked his own accolades as EY Entrepreneur of the Year 2018 and 2020, in a not-so-subtle reminder of his past affiliation with the very institution he now accuses.

There’s a distinct shift here—not just in tone, but in strategy. Raveendran is no longer looking for backdoor negotiations. He’s painting himself as a founder betrayed, a reformer wronged, and a fighter rising from the wreckage. Whether this fiery stance will rekindle investor faith or further isolate him remains to be seen.

But one thing’s clear: this isn’t just about Byju’s anymore. It’s about power, accountability, and the way India’s startup dream interacts with global capital and its enforcers.

We’ll be watching closely—because if there’s any fire still left in the edtech giant, this might just be the blaze that reveals it.