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Supreme Court prevents Byju’s-owned Aakash from diluting minority investors | Company Business News

Livemint

Livemint · 7m ago

Supreme Court prevents Byju’s-owned Aakash from diluting minority investors | Company Business News

The Supreme Court has directed Aakash Educational Services, a subsidiary of Byju's, not to implement a resolution to amend its Articles of Association that was passed at its extraordinary general meeting. This comes after minority shareholder Blackstone alleged that the proposed amendments would dilute their rights and interests. The court has instructed Aakash to appeal to the National Company Law Appellate Tribunal (NCLAT) and the stay on implementing the resolution will remain until the NCLAT hearing. The dispute revolves around the amendments that minority shareholders argue would dilute their stake in Aakash, a company acquired by Byju's in 2021.

Related News

SC stops Aakash Institute's plan to amend articles of association

Economic Times

Economic Times · 7m ago

SC stops Aakash Institute's plan to amend articles of association

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.

NCLAT sends Aakash’s AoA amendment case back to NCLT

Livemint

Livemint · 7m ago

NCLAT sends Aakash’s AoA amendment case back to NCLT

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.

NCLAT adjourns Byju’s case hearing to November 6

Economic Times

Economic Times · 9m ago

NCLAT adjourns Byju’s case hearing to November 6

- Case involving Byju's and US lenders adjourned to November 6 by NCLAT. - US lenders demand repayment of $1.2 billion loan from Byju's. - Supreme Court temporarily halts all meetings regarding Byju's insolvency proceedings. - Glas Trust moves apex court challenging its removal from Byju's committee of creditors. - Supreme Court instructs interim resolution professional to maintain status quo and not hold lenders' meeting. - Separate matter between Byju's investors and parent company adjourned to November 18 by NCLT.

BYJU’S-Owned Aakash Institute Unlikely To See Chaudhry’s Return

Inc42 · 1y ago

BYJU’S-Owned Aakash Institute Unlikely To See Chaudhry’s Return

Aakash Education's operating revenue for the financial year ended March 31, 2023, is expected to have surpassed INR 2,000 crore. Aakash Institute, owned by BYJU's, has decided not to reappoint Aakash Chaudhry as CEO and instead, the board and management council, led by Ranjan Pai, will guide the business. Pai is set to become the primary investor in Aakash. In FY23, Aakash Education's operating revenue is projected to reach INR 2,325.1 crore, indicating a 63% growth compared to the previous year. However, the figure fell short of BYJU's estimate of INR 3,000 crore.

Byju’s investors file caveats in SC

Thehindubusinessline

Thehindubusinessline · 1y ago

Byju’s investors file caveats in SC

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.

Blackstone withdraws petition against Aakash Institute on changes in shareholder rights

Economic Times

Economic Times · 4m ago

Blackstone withdraws petition against Aakash Institute on changes in shareholder rights

The National Company Law Tribunal (NCLT) approved Blackstone's request to withdraw its petition against Aakash Institute, a move that ends a dispute over minority investors' rights. The petition, involving Blackstone and other minority shareholders, challenged changes to Aakash's articles of association favoring Manipal Education & Medical Group. The tribunal treated the petition as withdrawn despite Glas Trust's plea for an interim order to protect creditors’ rights, allowing Aakash to proceed with amendments affecting those rights.

Byju’s wins legal tussle over stake dispute with Aakash Institute

Business Today

Business Today · 1y ago

Byju’s wins legal tussle over stake dispute with Aakash Institute

Edtech startup Byju's has won a legal battle against its lenders in a dispute over its subsidiary Aakash Institute. The civil court in Bengaluru dismissed the plea by Byju's lenders challenging the acquisition of a 40% stake in Aakash Institute by Manipal Group Chairman Ranjan Pai. The lenders argued that the debt-to-equity conversion at a reduced valuation harmed Byju's parent company, but the court ruled against them. This victory comes amidst various challenges faced by Byju's, including insolvency proceedings and board disputes.

NCLT agrees to hear Glas Trust in Aakash minority shareholder rights case

Economic Times

Economic Times · 5m ago

NCLT agrees to hear Glas Trust in Aakash minority shareholder rights case

The National Company Law Tribunal (NCLT) is set to hear Glas Trust, representing US lenders of Byju’s, in a case concerning Aakash Institute's minority shareholder rights. The dispute involves Think & Learn, Byju's parent company and a minority stakeholder in Aakash. Issues arose over attempts to alter shareholder rights favoring Manipal Education & Medical Group. Glas Trust argues this could affect Byju’s insolvency, while Aakash's minority shareholders, including Blackstone, contest these changes.

Setback for Byju’s as Supreme Court restores insolvency case, raps NCLAT for overreach

Livemint

Livemint · 8m ago

Setback for Byju’s as Supreme Court restores insolvency case, raps NCLAT for overreach

The Supreme Court has overturned a previous order by the National Company Law Appellate Tribunal (NCLAT) that had halted insolvency proceedings against Byju's, an edtech company in India. The court ruled that Byju's must follow the established protocols under the Insolvency and Bankruptcy Code (IBC) to address its debt owed to the Board of Control for Cricket in India (BCCI). The court also directed Byju's to deposit the settlement amount into an escrow account controlled by the Committee of Creditors (CoC). The Supreme Court criticized the NCLAT for misusing its powers and bypassing proper procedures in permitting the withdrawal of the insolvency application.

Byju’s challenges NCLT order restricting fund use in Karnataka High Court

Economic Times

Economic Times · 1y ago

Byju’s challenges NCLT order restricting fund use in Karnataka High Court

Edtech firm Byju's has filed a petition challenging the National Company Law Tribunal (NCLT) order that prevents the company from proceeding with its second rights issue. The NCLT had directed Byju's to maintain status quo and halt its second rights issue, as well as put funds from the first rights issue into an escrow account. Byju's is also requested to provide information about recipients of shares issued during the first rights issue. The $200 million rights issue has faced protests from investors, and some lenders have filed a petition in a US court for bankruptcy proceedings against Byju's subsidiaries.

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