Qatar's Sovereign Wealth Fund to Approach High Court to Recover $235 Million from Byju's

As per news reports, the Qatar Investment Authority (QIA), through subsidiary Qatar Holding LLC, has filed an enforcement petition in the Karnataka High Court. It seeks recognition of a Singapore tribunal’s award directing immediate repayment of $150 million, along with 4% annual interest compounded daily from February 28, 2024. This interest has already crossed $14 million (₹123 crore). 

The petition also demands an injunction against asset transfers and calls for the attachment or sale of movable and immovable properties owned by Raveendran or Byju’s Investments Pvt Ltd (BIPL) in India.

Origins of the Dispute 

The matter stems from September 2022, when Qatar Holding extended a $150 million loan to BIPL, personally guaranteed by Raveendran, who is cofounder and principal shareholder of Think & Learn. The funds were used to acquire 17.89 million shares in Aakash Educational Services, with an explicit restriction that they could not be transferred. 

As per news reports, according to QIA, Raveendran breached this condition by moving the shares to another Singapore-based entity under his control. After repeated defaults, Qatar Holding terminated the agreement and demanded repayment.

Global Freezing Order and Tribunal Ruling

As per news reports, in March 2024, Qatar Holding initiated arbitration in Singapore, where an emergency arbitrator ordered a global freezing of assets worth up to $235 million belonging to Raveendran and BIPL to prevent dissipation. The Singapore High Court later upheld this order. 

An arbitration court ordered an immediate payment of $235 million to Qatar Holding on July 14. The court also ruled that interest, compounded daily at 4% since February 2024, must be paid. This interest has already added over $14 million to the total, bringing the current amount owed to more than $249 million (₹2,183 crore).

Rising Legal and Financial Troubles

In addition to his legal troubles in India, Byju's founder Raveendran is also facing a series of legal challenges in the US. He has been cited for contempt of court during bankruptcy proceedings and is being fined $10,000 daily for failing to provide the required information. As per news reports, $533 million from a $1.2 billion loan to a Think & Learn subsidiary is currently unaccounted for. 

Read More: Byju’s 3.0: The Transformation Plan Unveiled!

Conclusion

For Qatar Holding, the enforcement petition is part of a coordinated global effort to reclaim funds it considers lawfully owed. With worldwide freezing orders and parallel legal proceedings underway, the sovereign wealth fund is stepping up pressure on Raveendran, marking another blow in the collapse of Byju’s once high-flying empire.

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