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Aakash’s backers slam AoA tweak plan at NCLT
Economic Times
·
5m ago
Medial
Aakash Institute's minority shareholders, including Blackstone, oppose attempts by the majority stakeholders to amend the articles of association, leading to alleged operational challenges. The minority shareholders argue these rights are legally binding and vital to protect against potential oppression by the majority, notably Ranjan Pai’s Manipal Group, which holds a significant stake. The ongoing legal dispute reflects broader tensions about management rights and shareholder protection amidst attempted structural changes within the company.
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NCLAT sends Aakash’s AoA amendment case back to NCLT
Livemint
·
7m ago
Medial
The National Company Law Appellate Tribunal has denied lifting the stay on the NCLT order, which prevents the amendment of the Articles of Association of Aakash Educational Services, a subsidiary of Byju, due to objections from minority shareholders. Manipal Health Systems and Aakash Educational Services have been asked to apply to the NCLT to vacate the order, which should be decided within three weeks. The Supreme Court has also directed Aakash to approach the NCLAT, and the stay on implementing the amendment to the AoA will remain until the appellate tribunal hears the appeal.
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SC stops Aakash Institute's plan to amend articles of association
Economic Times
·
7m ago
Medial
The Supreme Court has instructed Aakash Educational Services, owned by Byju's, to halt the implementation of its resolution to amend its articles of association (AoA) until the National Company Law Appellate Tribunal (NCLAT) hears the case. Minority shareholders of Aakash Educational Services had filed a petition against the Karnataka High Court's ruling that stayed an order of the National Company Law Tribunal (NCLT) prohibiting amendments to the AoA. The proposed amendments were seen as diluting the rights of minority shareholders. Aakash and its shareholder Manipal Health Systems have been directed to file an appeal with the NCLAT.
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Don't want to go down that path: Aakash to NCLAT on its parent firm BYJU'S
Inshorts
·
7m ago
Medial
Aakash Educational Services told NCLAT it amended Articles of Association (AOA) to raise funds by selling equity as it "didn't want to go down the path of [its parent firm BYJU'S]". NCLT had halted Aakash's amendment after a Blackstone affiliate said amendment would dilute its 6.8% shareholding. Aakash said Blackstone's rights weren't valid as Aakash's merger with BYJU'S never materialised.
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NCLT approves Sarda Energy’s resolution plan for SKS Power | Mint
Livemint
·
11m ago
Medial
The National Company Law Tribunal (NCLT) has approved Sarda Energy and Mining's (SEML) resolution plan for SKS Power Generation in Chhattisgarh. SEML's plan was initially remanded for reconsideration in October 2023 but was later challenged at the National Company Law Appellate Tribunal (NCLAT), which overturned the decision. The final approval allows SEML to proceed with the resolution plan, which will cover nearly all dues owed to the committee of creditors. SKS Power's insolvency proceedings began in April 2022 with claims totaling ₹1,890 crore.
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Anil Dhirubhai Ventures moves NCLT in Reliance Capital case | Mint
Livemint
·
11m ago
Medial
Anil Dhirubhai Ambani Ventures Pvt. Ltd (ADAVL) has filed an application in the National Company Law Tribunal (NCLT) requesting them to direct IndusInd International Holdings Ltd (IIHL) to stop using the brand 'Reliance' after the resolution plan is executed. In February, IIHL's takeover of Reliance Capital was approved by the NCLT, allowing them to use the brand for three years. ADAVL argues that the brand agreement does not create any ownership rights for Reliance Capital and requests the immediate cessation of brand usage by IIHL. ADAVL also claims that they weren't involved in the resolution plan discussions. The matter will be heard by the NCLT on Tuesday.
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NCLAT upholds NCLT order approving Sarda Energy’s bid for SKS Power | Mint
Livemint
·
9m ago
Medial
- The National Company Law Appellate Tribunal upheld the resolution plan of Sarda Energy and Mining Ltd for bankrupt SKS Power Generation (Chhattisgarh). - Other resolution applicants, including Torrent Power, Jindal Power, and Vantage Point Asset Management, challenged the approved resolution plan but their plea was dismissed. - In October 2023, the NCLT had directed lenders of SKS Power Generation to reconsider SEML's resolution plan. - The plan faced subsequent challenges and was brought before the NCLAT, which overturned the earlier NCLT decision and granted SEML the ability to seek final approval. - On 13 August, the NCLAT ruled in favor of Sarda Energy, rejecting objections against the resolution plan. - The insolvency proceedings for SKS Power Generation began in April 2022 after lenders filed claims amounting to ₹1,890 crore.
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Reliance Capital administrator seeksimplementation of IIHL's resolution plan
Livemint
·
11m ago
Medial
Reliance Capital's administrator has filed a petition with the National Company Law Tribunal (NCLT), requesting the tribunal to direct IndusInd International Holdings Ltd (IIHL) to implement its resolution plan by 10 August. IIHL's failure to comply with the 23 July order and its delay tactics prompted the administrator to take this action. The debt-ridden Reliance Capital was admitted into insolvency in December 2021, and the successful implementation of the resolution plan is crucial for both the lenders and the banking sector. The NCLT is expected to address the matter on Wednesday.
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Hinduja Group’s IIHL faces contempt charges in Reliance Capital resolution case | Mint
Livemint
·
11m ago
Medial
The administrator of Reliance Capital has accused IndusInd International Holdings Ltd (IIHL) of contempt of court for allegedly failing to meet the terms of the resolution plan set by the National Company Law Tribunal (NCLT). The NCLT had directed IIHL to deposit ₹2,500 crore into a designated escrow account by 31 July, an order that has allegedly not been followed. IIHL filed an application seeking modification of the order, but the administrator has opposed granting any relief. The matter will be heard by the NCLT in the upcoming week.
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Hinduja’s IIHL says ready with ₹2,750 cr, seeks modification of order | Mint
Livemint
·
11m ago
Medial
IndusInd International Holdings Ltd (IIHL) has stated that it is ready with a ₹2,750-crore initial fund to acquire Reliance Capital. IIHL has requested an extension of the deadline given by the National Company Law Tribunal (NCLT) to comply with the acquisition order. The NCLT had previously given IIHL time till 10 August to implement its resolution plan for Reliance Capital. IIHL has sought modification of the order, stating that failure to do so would pose challenges in implementing the plan. Additionally, IIHL mentioned that certain details are required for fund remittances from banks in Mauritius.
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NCLAT sets aside plea filed against NCLT order approving sale of Reliance Broadcast Network
Livemint
·
6m ago
Medial
The National Company Law Appellate Tribunal (NCLAT) has dismissed appeals against the National Company Law Tribunal (NCLT) order approving bids of Sapphire Media for Reliance Broadcast Network Ltd. The NCLAT upheld the NCLT's approval of Sapphire Media's resolution plan for Reliance Broadcast, which operates FM radio business under the brand Big 92.7 FM. The unsuccessful resolution applicants had challenged the process adopted by the resolution professional but the NCLAT found no irregularities and dismissed the appeals. The resolution plan of Sapphire Media was approved by the Committee of Creditors and forwarded to the NCLT, which approved it.
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