An Indian tech firm, Think & Learn Pvt, faces penalties for concealing $533 million from lenders. Riju Ravindran, a director, failed to locate the funds, prompting US Bankruptcy Judge Dorsey to call his testimony dishonest. Despite no extradition treaty, fines loom. The dispute centers on creditors versus Think & Learn, embroiled in US courts.
A director of Indian tech firm Think & Learn Pvt faces financial penalties for defying a US judge's order to find out where the troubled company stashed $533 million that jilted lenders say should go to them.
Riju Ravindran, the brother of company founder Byju Raveendran, not only failed to make a serious effort to find out what happened to the cash, but deceived the court, US Bankruptcy Judge John Dorsey said during a hearing Tuesday in Wilmington, Delaware.
Byju's crisis: US Bankruptcy Judge John Dorsey, during a hearing in Delaware on Tuesday, said Ravindran failed to make a serious effort to find out what happened to the cash, as well as deceived the court.