Karnataka HC Dismisses Qatar Holding’s Petition Against Byju's

The Karnataka High Court has dismissed Qatar Holding LLC’s petition to block BYJU’S cofounder Byju Raveendran and BYJU’S Investments from moving $235 million worth of assets, including shares in Aakash Education Services Limited (Aakash Institute).

Justice Ashok S Kinagi said Qatar Holding should seek interim relief from the Singapore International Arbitration Centre (SIAC), where an arbitration tribunal is already set up, instead of approaching Indian courts.

Read also- Paytm’s Gaming Arm First Games Gets Rs 5,712 Cr GST Notice

“The petitions are rejected; however, liberty is reserved to the petitioner to make necessary application either before the Emergency Arbitrator seeking clarification or before the Arbitral Tribunal seeking interim relief,” the Court reportedly ordered.

The Karnataka High Court granted temporary relief to Qatar Holding by extending current interim protections for three months. 

However, it denied the firm’s request for additional safeguards, stating such demands went beyond what was granted in the Emergency Arbitration Award. The court emphasized that any further changes must come from the arbitrator or tribunal, not through the Indian courts. 

It also noted inconsistencies in Byju Raveendran’s statements about Aakash’s ownership.

“A litigant can take a different stand at different times, but cannot take a contradictory stand in the same case. A party cannot approbate and reprobate on the same facts. Taking inconsistent pleas by a party makes its conduct far from satisfactory,” the HC observed.

So, the High Court applied the legal principle of estoppel, saying Qatar Holding's inconsistent actions caused unnecessary delays in the case.

Startup Funding News: Your Gateway to Every Funding Update.

Latest Startup News: Stay updated with the latest startup news and trends. Your go-to source for startup ecosystem updates.

Startup Stories: Discover inspiring tales of startups overcoming challenges, and achieving success.