HC asks Qatar firm to take Byju's plea to arbitration

HC orders three-month status quo in Byju's transfer of assets, including shares in Aakash

- Krishna Yadav

The Karnataka High Court has dismissed Qatar Holding LLC's plea seeking to restrain Byju's co-founder Byju Raveendran and Byju's Investments from transferring assets worth $235 million, including shares in Aakash Educational Services Ltd (Aakash Institute), bringing relief to the embattled edtech founder.

The order, delivered by Justice Ashok S. Kinagi on 16 April and reviewed by Mint, held that Qatar Holding LLC must pursue further remedies before the arbitral tribunal constituted under the Singapore International Arbitration Centre (SIAC) Rules.

The high court granted partial interim relief to Qatar Holding by directing that the status quo regarding the alienation of the disputed shares be maintained for three months.

The court said, "The petitions are rejected; however, liberty is reserved to the petitioner to apply either before the Emergency Arbitrator or the Arbitral Tribunal for interim relief. Meanwhile, the interim orders, undertaking, and status quo shall continue for three months."