Qatar Holding seeks enforcement of $235m+ award against BYJU Raveendran
Business
BYJU'S founder, BYJU Raveendran, and his investment firm are facing serious heat in court: Qatar Holding wants a Singapore arbitration award enforced, making them pay over $235 million, plus interest at 4% a year compounded daily from 28 February 2024.
The case is all about a loan deal gone wrong and the next hearing is set for September 21.
Qatar Holding alleges Aakash share diversion
Back in 2022, Qatar Holding lent $150 million to BYJU'S Investments to buy shares in Aakash Educational Services.
But Qatar Holding says those shares were shifted elsewhere without their OK, a move they claim broke their agreement.
Now, they're asking the court to freeze assets up to the value of over $235 million and stop any more share transfers until things are sorted out.