Sovereign Fund moves HC with enforcement petition

Sovereign Fund moves HC with enforcement petition

- FE BUREAU Bengaluru, August 25

THE QATAR INVESTMENT Authority (QIA), through its subsidiary Qatar Holding LLC, has escalated its legal battle against troubled edtech firm Byju's and its co-founder Byju Raveendran.

The sovereign wealth fund has filed a fresh enforcement petition in the Karnataka High Court to recover a $235-million arbitral award, along with interest of 4% per annum compounded daily from February 28, 2024, which has pushed the total obligation beyond $249 million.

In September 2022, Qatar Holding extended $150 million in financing to Byju's Investments Private Limited (BIPL), an investment vehicle of Raveendran and a wholly owned subsidiary of Byju's Global, a Singapore-registered entity where Raveendran is the sole shareholder.