The verdict clears the way for Aakash to undertake its rights issue, a move that will dilute BYJU’S stake in Akash from 25.75% to less than 5%
Last month, Aakash’s shareholders approved an increase in the company’s authorised share capital, a prerequisite to the rights issue
The Bengaluru NCLT had earlier declined BYJU’S request to halt Aakash’s extraordinary general meeting, noting that a rights issue cannot be deemed unfair merely because a shareholder chooses not or is unable to participate
In another…

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