Aakash CFO Vipan Joshi Quits After 9-Year Stint

SUMMARY

A qualified chartered accountant, Joshi previously worked in various capacities at Snapdeal subsidiary Vulcan Express and Grofers (now Blinkit)

This comes three months after MD and CEO Deepak Mehrotra stepped down after serving a year in the new role. Mehrotra was succeeded by Chandra Sekhar Garisa Reddy

This comes weeks after Aakash’s board approved, at its EGM on October 29, gave its nod to raise Aakash’s authorised share capital from INR 57.5 Cr to INR 297.5 Cr

In yet another top-level exit at Aakash, the troubled coaching chain’s chief financial officer (CFO) Vipan Joshi has quit the company after a nine year-long stint.

“After 9+ years at Aakash Institute, I’m taking a moment to reflect as I turn the page to a new chapter in my career… As I move forward to explore new horizons, I carry with me everything I’ve learned and the wonderful relationships I’ve built here,” said Joshi in a post on LinkedIn.

A qualified chartered accountant, Joshi previously worked in various capacities at Snapdeal subsidiary Vulcan Express and Grofers (now Blinkit). He joined Aakash in 2016 and rose through the ranks to become the CFO in 2022.

The move comes amid a top-level reshuffle at Aakash. Barely three months ago in August, managing director and CEO Deepak Mehrotra stepped down after serving a year in the new role. Mehrotra was succeeded by Manipal Group’s family office Claypond Capital’s MD Chandra Sekhar Garisa Reddy in August.

It is pertinent to note that Manipal Group reportedly owns nearly 58% stake in Aakash.

The departure comes as the coaching chain has been juggling a cash crunch and legal challenges. Earlier this week, the Supreme Court (SC) rejected appeals by US-based Glas Trust and creditor-led BYJU’S to stall Aakash’s rights issue.

Aakash’s chairman Shailesh Vishnubhai Haribhakti had previously said the increase in authorised share capital and the rights issue are crucial to keep Aakash running. But, BYJU’S’ insolvency resolution profession (IRP) has been at odds with the plan as the issue would result in the reduction of BYJU’S’ shareholding in Aakash from 25.75% to 6.1%.

For context, BYJU’S had acquired Aakash in 2021 for $950 Mn, and is currently the insolvent edtech giant’s most valuable asset. Nevertheless, at its extraordinary general meeting (EGM) held on October 29, the coaching chain’s shareholders approved a proposal to raise Aakash’s authorised share capital from INR 57.5 Cr to INR 297.5 Cr.

Subsequently, the Chennai bench of the National Company Law Appellate Tribunal (NCLAT) last week also rejected Glas Trust’s plea for a stay on Aakash’s EGM, saying that the bankruptcy law does not allow interference in a company’s business just because it is a subsidiary of another firm going through insolvency. The Bengaluru bench of NCLT, too, had earlier in October refused to stay the EGM.