Riju moves NCLT against TLPL’s CCD agreement with Glas subsidiary

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Riju Ravindran has moved the insolvency tribunal NCLT against the Compulsory Convertible Debenture agreement between Think & Learn Pvt Ltd and a wholly-owned subsidiary of Glas Trust Co, Byju’s US-based financial creditor, alleging it to be violative of FDI and FEMA regulations.

The agreement was inked to raise finance to participate in the ongoing rights issue of Aakash Educational Service Pvt Ltd (AESL) after Glas Trust failed to get a stay order from the National Company Law Appellate Tribunal (NCLAT) and the Supreme Court.

Now, Glas, holding 99.25%…



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Riju moves NCLT against TLPL’s CCD agreement with Glas subsidiary



Riju Ravindran has moved the insolvency tribunal NCLT against the Compulsory Convertible Debenture agreement between Think & Learn Pvt Ltd and a wholly-owned subsidiary of Glas Trust Co, Byju’s US-based financial creditor, alleging it to be violative of FDI and FEMA regulations.

The agreement was inked to raise finance to participate in the ongoing rights issue of Aakash Educational Service Pvt Ltd (AESL) after Glas Trust failed to get a stay order from the National Company Law Appellate Tribunal (NCLAT) and the Supreme Court.

Now, Glas, holding 99.25%…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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