Bengaluru, Dec. 5 -- The participation of Beeaar Investco Pte. Ltd, a little-known Singapore vehicle wholly owned by Byju Raveendran, may have exposed test-prep institution Aakash Educational Services Ltd's Rs.250‑crore rights issue to potential legal challenges.

The investment firm, which already holds about 16% in Aakash, has subscribed to rights worth Rs.16 crore in the current round, even as edtech giant Byju's parent, Think & Learn Pvt. Ltd (TLPL), has had its Rs.25-crore cheque frozen over forex-compliance concerns, according to corporate filings and people familiar with the test-prep company's cap table.

The twist is that the same Aakash shares held through Beeaar are alleged to be at the heart of Qatar Investment Authority...