Karnataka High Court Orders Ad-Interim Attachment of Aakash Shares Beneficially Owned by Byju Raveendran

The Karnataka High Court on Tuesday passed an ad-interim order attaching 17,891,289 equity shares held by Beeaar Investco Pte. Ltd. and beneficially owned by Byju Raveendran in Aakash Educational Services Ltd.

The Single Bench of Justice Sunil Dutt Yadav said the direction was necessary to prevent the interim injunction granted on September 1, 2025, from being rendered ineffective due to subsequent developments and to safeguard the beneficial interest linked to the award debtor.

Qatar Holding had moved the court by filing an interlocutory application pointing out that while the court had earlier restrained Byju Raveendran from alienating or encumbering assets listed in Schedule A and Schedule B, certain subsequent events had taken place that could defeat the earlier protection.

The schedule to the application specifically includes 17,891,289 equity shares in Aakash Educational Services Ltd. held by Beeaar Investco Pte. Ltd. and beneficially owned by Byju Raveendran.

Qatar Holding alleged that shares of Beeaar Investco Pte. Ltd. had been transferred to a third party, an act which, according to the petitioner, had the effect of undermining the interim restraint order passed by the court on September 1, 2025.

Counsel appearing for Byju Raveendran submitted that the petitioner was aware of the transfers and that they arose from pre-existing agreements, seeking time to file a statement of objections.

Taking note of the submissions and the earlier restraint order, Justice Yadav held that an ad-interim arrangement was warranted at this stage.

“Taking note of the interim order that was already passed on 01.09.2025, for the present an ad-interim order could be passed to ensure that the enforcement of the interim order of 01.09.2025 is not effected,” the court observed.

Affirming the earlier restraint, the court directed that alienation of 17,891,289 shares held by Beeaar Investco Pte. Ltd., insofar as the beneficial interest of the award debtor in Aakash Educational Services Ltd. is concerned, would stand protected by an order of attachment.

The court clarified that the attachment is a provisional arrangement, subject to final orders to be passed on the interlocutory application. Notices were directed to be issued to Beeaar Investco Pte. Ltd. and Aakash Educational Services Ltd., and the matter has been listed for further hearing after two weeks.

Case Title: Qatar Holding LLC vs Byju Raveendran

Citation: 2026 LLBiz HC (KAR) 7

Case Number: AP.EFA No.1 of 2025 (KAHC010541932025)

Appearances: Advocates Abhay Shetty and Rishab Gupta for Qatar Holding LLC; Advocate Rajath for Byju Raveendran