The National Company Law Tribunal (NCLT) on Thursday ordered status quo on the shareholding of Aakash Education Services Limited (AESL) to be effective untill further hearing on April 30.
The move effectively pauses the company’s bid to amend its articles of association (AoA) for at least a month. Aakash is looking to alter its AoA to raise fresh funding to the tune of Rs 500 crore.
This development follows multiple legal challenges over Aakash’s attempted amendment to its AoA. Singapore Topco had initially opposed the amendment over concerns it would dilute its 6.8% stake before withdrawing the case, while US-based lender Glas Trust has maintained that the amendment is a move by former Byju’s management to dilute the US-based lender’s stake in Aakash. Recently, Aakash’s founder Jagdish Chand Chaudhary also opposed the move at the NCLT. This petition is also due for hearing on April 30.
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According to industry sources, Manipal currently holds a 39.05% stake in AESL, followed by Think & Learn (Byju’s parent) at 25.75% and Beeaar Investco Pte at 16.09%.
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