8 months ago
NCLT Issues Notice to BYJU'S RP Over Aakash Rights Issue Funds
Aakash Educational Services Limited (AESL) and BYJU'S (TLPL) are in a legal dispute.
AESL wants to know if the money BYJU'S used to buy more shares is legal.
BYJU'S says it's fine, but a former director disagrees.
The court asked BYJU'S to explain and will decide later.
Meanwhile, BYJU'S is also asking another court to let them buy the shares.
The money is just sitting in a bank account until the courts decide.
NCLT issued notice to TLPL's Resolution Professional to respond to AESL's application questioning the legality of funds raised for the rights issue.
AESL has kept the allotment of shares to TLPL in abeyance pending final adjudication on the legality of the funds.
TLPL raised ₹100 crore by issuing debentures for the rights issue, which is being challenged for potential violations of FEMA and ECB guidelines.
AESL seeks regulatory clarity from the RBI on the classification and permissibility of the Debenture Subscription Agreement.
The matter is posted for further hearing on January 2, 2026, while TLPL has also approached NCLAT for directions on share allotment.
- Who
- Aakash Educational Services Limited (AESL) and Think & Learn Pvt Ltd (TLPL)
- What
- NCLT issued notice to TLPL's Resolution Professional regarding the legality of funds raised for AESL's rights issue
- Where
- Bengaluru, India
- When
- December 15, 2025
- Why
- To seek regulatory clarity on the legality of funds raised by TLPL for subscribing to AESL's rights issue
Key facts
- Companies Involved
- Aakash Educational Services Limited (AESL), Think & Learn Pvt Ltd (TLPL)
- Funds Raised
- ₹100 crore
- Date of Rights Issue Decision
- November 27, 2025
- Date of Debenture Agreement
- November 7, 2025
- NCLT Hearing Date
- December 15, 2025
- Next NCLT Hearing
- January 2, 2026
- NCLAT Hearing Date
- December 16, 2025
Quotes
AESL
Aakash Educational Services Limited
“AESL has clarified that the amount deposited by TLPL has been parked in a separate interest-bearing account and has not been utilised, pending a final decision on allotment.”
thehindubusinessline.com
Dhyan Chinnappa
Senior Advocate appearing for AESL
“This was not an adversarial application and that AESL had approached the Tribunal in the interest of all stakeholders, as it was unable to utilise the funds received from TLPL in view of the regulatory violations alleged. He submitted that AESL had therefore sought clarity from the RBI before proceeding further.”
thehindubusinessline.com
Sources
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