The woman who walked away with Aakash shares

A UAE businesswoman named in a Delaware case against Byju Raveendran and his flagship business has stepped in his place, subscribing to a ₹250-crore rights issue of associate company Aakash Educational Services Ltd (AESL).

- Salman S.H.

Raveendran is battling insolvency proceedings of flagship Think & Learn Pvt. Ltd (TLPL) which operated the Byju's app. However, through a Singapore investment vehicle, he still owns 16% in Aakash, which TLPL bought for around $1 billion in 2021—and that stake is at the centre of an evolving controversy among lenders and stakeholders.

Filings with the Registrar of Companies (RoC) show that UAE-based Bisy Philip subscribed to around 32.2 million shares worth ₹16.09 crore—the exact same stake that AESL on 28 November said was picked up by Beeaar Investco Pte. Ltd, Raveendran’s Singapore entity.

The new filings surfaced after Mint reported on 5 December that Aakash shares held through Beeaar were the basis on which Qatar Investment Authority (QIA) secured an arbitration award and global freezing orders from Singapore.

Qatar Holding, an arm of QIA, has alleged that Byju's Investments Pte. Ltd (BIPL), a Singapore firm partly owned by Raveendran, transferred the Aakash stake it had pledged for a $150 million loan to Beeaar.

Manipal Education and Medical Group, led by Ranjan Pai, now controls about 58% of AESL, after buying out the stakes of founder J.C. Chaudhry and private equity investor Blackstone. TLPL holds about 26% of AESL. Although Raveendran founded TLPL, effective control of that company and its Aakash stake has shifted to American lenders as the company battled insolvency proceedings.

Who is Bisy Philip?