CHENNAI: The Qatar Investment Authority (QIA) has moved the Karnataka High Court against BYJU’s founder Byju Raveendran and his investment vehicle Byju’s Investment Pte Ltd (BIPL) to collect an arbitral award of $235 million (nearly Rs 2,060 crore) for allegedly misusing funds.
The QIA, through its subsidiary Qatar Holding LLC, alleged that the funds were used to acquire 1,78,91,289 shares of Aakash Education Services Ltd., and there was an express restriction against transferring those shares.
It further alleged that in breach of the agreement, the shares were later transferred to another Singapore-based corporate entity controlled by Raveendran, said a press release from QIA.
The company has sought interest at 4% per annum, compounding daily, accruing from 28 February 2024, amounting to nearly Rs 123 crore.
The dispute dates back to September 2022, when Qatar Holding extended a $150 million loan to finance BIPL which was personally guaranteed by Raveendran, co-founder and principal shareholder of Think & Learn Pvt Ltd.
Following repeated defaults, Qatar Holding commenced arbitration in Singapore. The Emergency Arbitrator ordered a global freezing order on BIPL’s and Raveendran’s funds and assets of up to $235 million. The Singapore High Court subsequently confirmed the award and the global freezing order.
Later, the arbitral tribunal on July 14 ordered the payment of $235 million to Qatar Holding immediately, and an interest rate of 4% from February 2024, compounding daily. According to the release, the interest has been accrued to $14 million (Rs 123 crore) and hence the total obligation is over $249 million (nearly Rs 2,183 crore).
Qatar Holding had filed an enforcement petition on 12th August 2025, before Karnataka High Court. The petition seeks enforcement of the award as a decree of court, and issuance of an injunction against transfer of assets by Raveendran or BIPL, along with attachment/sale of their immovable and movable assets in India.