Byju’s crisis timeline: From edtech giant to fighting legal battles

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The Bengaluru bench of the National Company Law Tribunal (NCLT) has dismissed a plea by Byju’s parent company, Think & Learn, seeking an interim stay to stop Aakash Educational Services from holding its extraordinary general meeting (EGM) on October 29. The meeting is meant to approve a rights issue that Think & Learn tried to block.

Think & Learn’s counsel argued that the proposed rights issue would reduce its stake in Aakash from 25.75% to about 5%, as the company, currently undergoing insolvency, cannot take part in the new share issuance. The…



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Byju’s crisis timeline: From edtech giant to fighting legal battles



The Bengaluru bench of the National Company Law Tribunal (NCLT) has dismissed a plea by Byju’s parent company, Think & Learn, seeking an interim stay to stop Aakash Educational Services from holding its extraordinary general meeting (EGM) on October 29. The meeting is meant to approve a rights issue that Think & Learn tried to block.

Think & Learn’s counsel argued that the proposed rights issue would reduce its stake in Aakash from 25.75% to about 5%, as the company, currently undergoing insolvency, cannot take part in the new share issuance. The…



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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