Bengaluru, Apr 28 (UNI) In a significant development, the Karnataka High Court has rejected petitions filed by Qatar Holding LLC seeking to restrain Byju Raveendran and Byju's Investments from disposing of assets worth USD 235 million, including shares in Aakash Educational Services Limited.
This decision brings temporary relief to Byju’s but also shifts the legal battle to the Singapore International Arbitration Centre (SIAC), where the company now faces intense scrutiny.
Justice Ashok S Kinagi, while dismissing the petitions under Section 9 of the Arbitration and Conciliation Act recently, observed that since an arbitral tribunal under the SIAC Rules had already been constituted, Qatar Holding must now approach the tribunal for interim relief instead of seeking intervention from Indian courts.