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BYJU’S founder Byju Raveendran has proposed relinquishing his claimed beneficial interest in 17.89 Mn shares of Aakash Educational Services to settle Qatar Holding’s arbitration claim of more than $235 Mn against him. However, the precise structure of the proposed settlement and the value assigned to the shares could not be ascertained, ET reported, citing sources. A person familiar with Qatar Holding’s position told the publication that the fund would continue to pursue repayment of the debt and enforcement of the arbitral award in its favour. Inc42 has reached out to Qatar Investment Authority (QIA) for a comment on the development. The story will be updated if a response is received. Raveendran could not be reached for a comment despite repeated attempts. The 17.89 Mn shares are held through Singapore-based Beeaar Investco Pte and currently represent about 5.7% of Aakash’s equity, the report said. The shares were acquired in 2022 using $150 Mn in financing extended by QIA-owned Qatar Holding to Raveendran’s Singapore-based investment vehicle, Byju’s Investments Pte Ltd (BIPL). Raveendran personally guaranteed the financing. The arrangement subsequently broke down after Qatar Holding alleged breaches of the financing agreement and defaults by BIPL. It terminated the agreement and demanded more than $235 Mn, including early termination fees and penalties. Qatar Holding also alleged that the Aakash shares were transferred to Beeaar, which it claims is beneficially owned by Raveendran, in breach of the agreement. The fund has sought to prevent the shares from being transferred, sold, or pledged while it pursues recovery of its dues. Qatar Holding’s Legal Battle The proposed settlement comes amid legal proceedings against Raveendran and BIPL in India and Singapore. In July 2025, a Singapore arbitration tribunal directed Raveendran and BIPL to pay Qatar Holding more than $235 Mn, along with interest of 4% a year, compounded daily from February 28, 2024. Qatar Holding subsequently approached the Karnataka High Court to enforce the award. In September 2025, the court restrained Raveendran and BIPL from disposing of their assets while the enforcement proceedings continued. In July 2026, Qatar Holding secured another arbitration award directing Raveendran and BIPL to pay SGD 7.2 Mn, or about ₹53 Cr, towards arbitration costs. The award, dated July 21, also carries simple interest of 5.33% a year until payment. Last month, the Karnataka High Court admitted Qatar Holding’s fresh plea seeking enforcement of the SGD 7.2 Mn award. The fund also sought protection over assets worth more than $235 Mn while it pursues enforcement of both awards. Qatar Holding has asked the court to direct Raveendran to disclose his assets, including their location, value, and beneficial ownership. It has also sought the appointment of a receiver over the assets and properties of Raveendran and BIPL. The High Court issued notices to Raveendran and BIPL and clubbed the fresh plea with the related proceedings. The matter is scheduled to be heard on September 21. Aakash At Dispute’s Centre Aakash has emerged as one of the most important assets in the wider battle among BYJU’S creditors. BYJU’S parent Think & Learn has been undergoing insolvency proceedings since 2024 after defaulting on a ₹158 Cr payment to the Board of Control for Cricket in India under a sponsorship agreement. In July, the NCLT’s Bengaluru bench paused the next stage of the bidding process until its August 31 hearing. It directed the resolution professional not to issue Form G inviting expressions of interest or finalise the list of prospective resolution applicants during this period. However, the Tribunal did not halt the insolvency proceedings themselves. The order followed a challenge by Byju and Riju Raveendran to a ₹11,433 Cr claim filed by GLAS Trust, the trustee representing BYJU’S US term loan lenders. Meanwhile, Raveendran is facing a six-month civil contempt sentence in Singapore in connection with the Qatar Holding dispute. Creditors have been separately exploring a broader settlement centred on Aakash. The latest proposal further places Aakash at the centre of overlapping disputes over ownership, creditor recoveries, and the future of the Byju’s group.
document fetched 2026-09-03 03:01 · canonical https://inc42.com/buzz/byju-raveendran-offers-aakash-shares-to-settle-qatar-holdings-235-mn-claim