Now, Aakash Founder Moves NCLT Against AoA Amendment

SUMMARY

Chaudhary has moved the NCLT against Aakash and 22 others, seeking to restrain the respondents from undertaking the AoA amendment

Earlier, Singapore Topco and Glas Trust had moved the NCLT saying that the proposed AoA would lead to erosion of their stake in Aakash

While Singapore Topco withdrew its plea challenging the AoA in February, Glas Trust continues to oppose the AoA

About a month after Singapore Topco withdrew its petition from the National Company Law Tribunal (NCLT) challenging Aakash Education Services Limited’s (AESL) resolution to amend its Articles of Association (AoA), the coaching chain’s founder Jagdish Chand Chaudhary has now moved the Tribunal against the resolution. BYJU'S

Chaudhary has moved the NCLT against Aakash and 22 others, seeking to restrain the respondents from undertaking the said amendment. According to a report by Bar and Bench, a bench of NCLT Bengaluru issued notices on the plea to respondents Blackstone-backed Singapore Topco, Byju Raveendran, Riju Raveendran, Divya Gokulnath, Manipal Education & Medical Group, among others. The NCLT is scheduled to hear the case again on April 30.Edtech2011BengaluruByju Raveendran +1$6.0 BnEdtech2011BengaluruByju Raveendran +1$6.0 Bn