Archive · 22 May 2025
Manipal Group Issues Legal Notice to EY Over Aakash-Byju's Audit
The Manipal Group, which owns a large part of Aakash Educational Services (AESL), has sent a legal notice to EY India.
EY India was helping AESL prepare its financial reports.
The dispute is linked to disagreements between Manipal and Byju's, the company that bought AESL.
The issues include how Aakash is run and its finances.
Byju's acquired Aakash for about $1 billion.
Manipal's legal action shows tensions among stakeholders in the Aakash-Byju's deal.
EY responded by saying they take client confidentiality seriously and cannot comment.
This is because the deal has faced challenges since the acquisition, involving financial problems and disputes among investors.
Manipal Group sent a legal notice to EY India.
The notice concerns the audit and advisory firm's role in the Aakash-Byju's deal.
The dispute involves governance and financial issues.
EY India was assisting with AESL's financial statements.
Byju's acquired AESL in 2021 for almost $1 billion.
- Who
- Manipal Group sent the notice to EY India.
- What
- Manipal Group issued a legal notice to EY India.
- When
- The notice was dated May 21st
- Where
- India
- Why
- Dispute over governance and financial issues in AESL, and EY's role in the planned financial separation between AESL and Byju's.
Manipal Group
EY India
Reasons for Dispute
Manipal Group
At odds with Byju's over governance and financial issues in Aakash.
EY India
EY India refutes all allegations regarding the matter, citing client confidentiality.
- Parties Involved
- Manipal Group, EY India, Aakash Educational Services (AESL), Byju's
- Legal Notice Date
- May 21
- Notice Sent By
- Manipal's legal counsel
- EY's Role
- Assisting in preparing AESL's financial statements
- AESL Acquisition Year
- 2021
- Acquisition Price
- Nearly $1 billion
- Manipal's Stake
- Significant stake in AESL