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Aakash moves NCLT to implead E&Y in oppression, mismanagement case filed by Byju's
Economic Times
·
2m ago
Medial
Aakash Educational Services has filed a plea with the NCLT to dismiss Byju's petition alleging oppression and mismanagement, seeking to include E&Y and its partner Ajay Shah in the case. Aakash argues E&Y was crucial in financial decisions and maintains access to privileged information. This legal tussle centres around governance issues at Aakash following Byju's failed acquisition, scrutinizing the integrity of involved parties and their roles in decision-making processes.
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Aakash and Byju’s merger application withdrawn
Thehindubusinessline
·
1y ago
Medial
Byju's and Aakash Educational Services Ltd (AESL) have withdrawn their merger petition at the National Company Law Tribunal (NCLT) hearing. The merger between the two edtech companies was part of a cash-and-stock deal worth $940 million, with Byju's acquiring AESL in April 2021. However, the share-swap deal has hit a roadblock as the founders of AESL have refused to complete the swap due to governance concerns. Byju's has also sent a legal notice to the founders. Byju's is facing additional challenges, including a cash crunch and an oppression and mismanagement case filed by investors.
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Byju’s creditor Surfer Technologies settles insolvency case with edtech firm | Mint
Livemint
·
1y ago
Medial
Surfer Technologies, based in Gurugram, has informed the National Company Law Tribunal (NCLT) in Bengaluru that it has reached a settlement with Byju's and may withdraw its insolvency application filed against the edtech company. The NCLT had previously asked both parties to submit a formal application after the insolvency order was reserved. Surfer Technologies had initially filed the application under the Insolvency and Bankruptcy Code, claiming that Byju's owed over ₹2 crore in debt. Byju's had also reached a settlement with another operational creditor, Teleperformance Business Services, earlier this year. The NCLT is currently also dealing with an oppression and mismanagement case against Byju's filed by investors General Atlantic and MIH Edtech.
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Aakash and Byju’s merger application withdrawn
Thehindubusinessline
·
1y ago
Medial
Think and Learn, the parent company of edtech firm Byju's, and Aakash Educational Services Ltd (AESL) have withdrawn their merger petition. The merger, which was part of a cash-and-stock deal worth $940 million, has hit a roadblock as AESL's founder, the Chaudhry family, refused to complete the share swap due to governance issues. Moreover, Byju's has sent a legal notice to AESL's founders over their alleged resistance to complete the share swap. Byju's is facing a cash crunch and is dealing with an oppression and mismanagement case filed by a group of investors.
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Byju's faces new NCLT case: Oppression, mismanagement suit filed by 4 investors
Livemint
·
1y ago
Medial
The National Company Law Tribunal (NCLT) has received a new lawsuit against Indian Edtech major, Byju's, filed by four investors. They accuse the company's management of oppression and mismanagement. This is the fifth legal challenge against Byju's in the NCLT and the fourth in 2024 alone. The suit lists Byju's founder, Byju Raveendran, his wife, his brother, and nine other entities as respondents. Despite attempts to remove him, Raveendran claims to remain CEO and plans to challenge the shareholders who voted to oust him.
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Byju’s investors file caveats in SC
Thehindubusinessline
·
1y ago
Medial
Investors of Byju's, the edtech company, have filed a plea with the Supreme Court to be heard before the court decides on a potential plea against a National Company Law Tribunal (NCLT) order. The investors, including General Atlantic and Sofina, have lodged separate caveats at the top court. This comes after the NCLT directed Byju's to hold the proceeds from a rights issue in a separate account until the disposal of an oppression and mismanagement plea by investors. Byju's has faced several legal challenges recently, including insolvency petitions from US lenders and the Board of Control for Cricket in India.
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Byju’s to keep proceeds of rights issue in separate account, consider extending closure date: NCLT
Thehindubusinessline
·
1y ago
Medial
The Bengaluru bench of National Company Law Tribunal (NCLT) has directed Byju's, the edtech company, to keep the proceeds from its rights issue in a separate account until the oppression and mismanagement plea filed by investors is resolved. The tribunal has also asked Byju's to consider extending the closure of the rights issue. The directive came after four investors filed a suit alleging that they were being forced to participate in the rights issue or face a reduction in their shareholdings. The tribunal has allowed three days for written submissions and scheduled another hearing for April 4, 2024.
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NCLT to hear Byju’s investors’ ‘oppression and mismanagement’ suit on Tuesday
Thehindubusinessline
·
1y ago
Medial
The Bengaluru bench of the National Company Law Tribunal (NCLT) is set to hear a petition filed by several investors of edtech giant Byju's, alleging oppression and mismanagement by the company's management. The investors are seeking the removal of the founders, a new board appointment, a declaration of the recent rights issue as void, and a forensic audit. The petition comes amidst a larger conflict between Byju's leadership and its investors, with a recent extraordinary general meeting resulting in the removal of the CEO and changes in the board.
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Byju’s EGM: Investors pass resolution to oust CEO Raveendran
Thehindubusinessline
·
1y ago
Medial
In a recent development, a group of investors in Think & Learn (T&L), the parent company of Byju's, voted to remove the CEO Byju Raveendran from the company and change the board of directors. The investors, holding about 60% of the shareholding, passed several resolutions to address governance and financial concerns. Byju's, however, has declared these resolutions invalid, stating that they were passed without a valid quorum. This comes as a group of investors, including Prosus, has filed a petition to the National Company Law Tribunal (NCLT) for alleged oppression and mismanagement of the company.
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NCLT directs BYJU’S to put rights issue fund in escrow account
Inshorts
·
1y ago
Medial
The National Company Law Tribunal directed that the funds received by BYJU'S with respect to the rights issue should be placed in a separate escrow account. These funds are not to be withdrawn until the disposal of the oppression and mismanagement suit filed by a group of four investors of BYJU'S against the management of the company, the order noted.
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Ashneer seeks waiver of shareholding rule in case against BharatPe
Inshorts
·
1y ago
Medial
BharatPe's ex-MD Ashneer Grover has asked NCLT to waive a shareholding requirement under the Companies Act to pursue a case of oppression and mismanagement against the startup. A shareholder is required to hold at least 10% of the issued share capital of the company to file such a case. Grover has accused BharatPe's majority shareholders of oppressing the minority shareholders.
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