Qatar Holding Moves Karnataka HC To Enforce SGD 7.2 Million SIAC Award Against Byju Raveendran

Qatar Holding LLC has moved the Karnataka High Court seeking enforcement of a SGD 7.2 million (₹53.2 Crore) arbitral award passed under the Singapore International Arbitration Centre (SIAC) Rules against Byju Raveendran and Byju's Investments Pte. Ltd. (BIPL).

The present proceedings are Qatar Holding's second plea before the Karnataka High Court arising from the arbitration.

The earlier plea concerned the Partial Final Award dated July 14, 2025, while the present petition seeks enforcement of the subsequent Final Award dated July 21, 2026.

The dispute revolves around a September 2022 financing arrangement under which Qatar Holding extended USD 150 million to BIPL, a Singapore-incorporated investment vehicle of Raveendran, for acquiring 17,891,289 shares in Aakash Educational Services Limited.

Raveendran personally guaranteed the arrangement.

Under the arrangement, the Aakash shares were to remain with BIPL. Qatar Holding subsequently alleged that Raveendran transferred the shares to Beeaar Investco Pte. Ltd., one of his other companies, in breach of their agreement.

Following alleged defaults, Qatar Holding terminated the arrangement and demanded an early termination amount of around USD 235 million, which was not paid.

Qatar Holding then commenced arbitration proceedings in Singapore in March 2024. An Emergency Arbitrator initially passed a worldwide freezing order over Raveendran's and BIPL's assets, which was later confirmed by the Singapore High Court.

The arbitral tribunal subsequently passed a Partial Final Award on July 14, 2025, directing Raveendran and BIPL to pay Qatar Holding more than USD 235 million, along with interest at 4% per annum compounded daily from February 28, 2024.

The present proceedings relate to the subsequent Final Award dated July 21, 2026. Under the Final Award, Raveendran and BIPL are required to pay Qatar Holding SGD 7,208,445.11 towards arbitration costs, along with simple interest at 5.33% per annum from the date of the award until full payment. The petition also seeks enforcement of the asset restraint referred to in the Final Award.

Apart from seeking enforcement of the SGD 7.2 million award, Qatar Holding has asked the High Court to restrain Raveendran and BIPL from dealing with, transferring, selling, charging, pledging or otherwise encumbering their assets up to USD 235,187,165.78, approximately ₹2,237.19 crore as on August 5, 2026.

The proposed restraint would also cover the 17,891,289 Aakash shares held by Beeaar Investco Pte. Ltd. Qatar Holding has sought the restraint to the extent of USD 235,187,165.78, together with interest at 4% per annum compounded daily from February 28, 2024 until payment.

Qatar Holding has additionally asked Raveendran and BIPL to disclose on oath complete and accurate details of their assets, including their value, location and description, whether held in their own names or otherwise and whether solely, jointly or beneficially owned.

It has also sought warrants for attachment and sale of the respondents' movable and immovable properties, with the proceeds to be appropriated towards the dues under the award.

Qatar Holding has further sought appointment of a receiver to take possession and control of Raveendran and BIPL's movable and immovable assets, including income, rent, revenues, receivables and profits. It has asked that the proceeds from any sale be paid towards satisfaction of the decretal dues.

The petition also seeks ad-interim and interim reliefs in respect of these prayers.

Qatar Holding had earlier approached the Karnataka High Court in August 2025, seeking enforcement of the July 14, 2025 Partial Final Award. Those proceedings remain pending.

The Court restrained Raveendran and BIPL from disposing of their assets on September 1, 2025 and passed an ad-interim attachment order concerning the Aakash shares on January 13, 2026, corrected on January 20, 2026. Both orders remain in force.

For petitioner (Qatar Holding LLC): Advocates Mrinal Shankar, Dharma Tej Koneru, Anandi Kamani, Nandita Nair and Abhay Shetty, for AZB & Partners.