Shares Dispute: Byju's and Aakash Clash in NCLAT
The Supreme Court witnesses a clash between AESL and Byju's over a stake dispute involving Aakash. Despite Aakash's ongoing rights issue and Byju's insolvency proceedings, court intervention ensures a safeguard on stakes until final adjudication. The resolution remains pending amidst contentious financial maneuvers.
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In a high-stakes legal battle, the Supreme Court took under its wing the ongoing dispute between Aakash Educational Services Ltd (AESL) and Byju’s parent company, Think and Learn Pvt Ltd (TLPL). The contention centers around a 25.7% stake in Aakash, embroiled in financial turmoil due to TLPL's insolvency and a rights issue by Aakash.
Senior advocate Gopal Subramanian, representing AESL, assured the court that 25.7% of Aakash's shares remain secure amidst pending legal proceedings. This commitment comes as Byju’s challenges an NCLAT order permitting Aakash to proceed with a crucial Rs 240 crore rights issue, further complicated by TLPL’s insolvency proceedings.
While TLPL contested Aakash’s financial moves as a threat to its share valuation due to Glas Trust’s vested interests, the NCLAT ruled against Glas Trust. The tribunal highlighted the dire need for AESL to raise funds to sustain over 3.5 lakh students and 10,000 employees, construing the legal saga as an emblem of corporate financial entanglements.
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