Overview
- OCI CEO Oliver Chapman, in a Delaware court declaration, says the funds were in effect round-tripped to a Singapore entity owned by Byju Raveendran.
- Chapman details that OCI received about $505 million, used roughly $13.1 million for procurement, and moved over $479 million to Revere Master SPV LLC for onward transfer to Byju’s Global Pte Ltd.
- Byju’s founders deny the claims as selective and incomplete, pledging rebuttal filings and warning of potential defamation actions.
- Byju’s Alpha indicated it will drop further proceedings against OCI under the proposed settlement while continuing litigation against other parties, including former OCI representative Rupin Banker.
- The dispute unfolds under lender control of Alpha since 2023 and follows a July court contempt finding against Raveendran, with related insolvency and asset-sale processes active in India.