BYJU’S Founders’ $2.5-bn Defamation Threat Distraction: Glas Trust
In a recent development, US-based lender agent Glas Trust has accused BYJU’S founders Byju Raveendran and Divya Gokulnath of attempting to divert attention from the facts by filing a defamation case. The statement comes after the founders announced their plan to file a $2.5 billion suit against Glas Trust and others.
Glas Trust, a leading lender agent in the US, has been involved in a legal tussle with BYJU’S founders over a loan agreement gone sour. The company has alleged that the founders have been attempting to delay the resolution of the matter by filing a defamation case, which it claims is an attempt to distract from the facts.
The defamation case, worth $2.5 billion, is being filed by BYJU’S founders against Glas Trust and others over alleged damages to their reputation. However, Glas Trust has called the move an “attempt to distract from the facts” and has accused the founders of trying to “mislead the public” with their claims.
In a statement, Glas Trust alleged that the founders have been trying to “manufacture a controversy” to deflect attention from the real issues at hand. The company claimed that the founders have been trying to “bully” Glas Trust into settling the matter out of court, but the lender agent has refused to back down.
Glas Trust’s allegations are the latest in a series of developments in the ongoing legal dispute between the two parties. The founders have been facing multiple court orders against them, including a recent order from the Delhi High Court that directed them to pay interest on a loan amounting to Rs 1.5 crore.
The founders’ legal counsel, however, has called Glas Trust’s allegations “incomplete and misleading”. They claimed that the lender agent has been trying to “misrepresent the facts” and has refused to engage in “meaningful negotiations” to resolve the matter amicably.
The defamation case filed by the founders is the latest attempt by BYJU’S to salvage its reputation, which has been marred by allegations of financial irregularities and mismanagement. The company has faced criticism over its business practices, including allegations of using aggressive marketing tactics to lure students into taking out loans.
The founders’ legal counsel has claimed that the defamation case is necessary to protect their reputation and to “set the record straight” about the allegations made against them. However, Glas Trust has questioned the motives behind the move, claiming that it is an attempt to “distract from the facts” and to “bully” the lender agent into settling the matter out of court.
The ongoing legal dispute between BYJU’S founders and Glas Trust is a significant development in the Indian education sector, which has been grappling with issues of financial irregularities and mismanagement. The case highlights the need for greater transparency and accountability in the sector, and the importance of protecting the interests of students and investors.
In conclusion, the defamation case filed by BYJU’S founders against Glas Trust is the latest development in a series of events that have marred the reputation of the Indian education giant. The case has raised questions about the motives behind the founders’ move, and whether it is an attempt to distract from the facts or a genuine attempt to protect their reputation.
