Archive · 29 Nov 2025
Aakash defers TLPL share allotment over FEMA, ECB concerns
Aakash Educational Services (AESL) has put on hold the giving of shares to its parent company, Think & Learn (TLPL), which owns Byju's.
This is because of worries that the money used might not follow the rules about foreign money and loans.
AESL got advice from important legal experts who said the money might not be used correctly.
So, until the court decides, the money will stay in a special account.
AESL also said they might do another big money-raising event soon.
Aakash Educational Services (AESL) deferred share allotment to Think & Learn (TLPL) over potential FEMA and ECB violations.
TLPL remitted Rs 25 crore for the rights issue, but the allotment was paused based on legal opinions.
Independent legal opinions indicated non-compliance with FEMA, ECB guidelines, and the Companies Act.
Riju Ravindran, a former TLPL promoter, filed an application with the NCLT over potential violations.
AESL will keep the Rs 25 crore in a separate interest-bearing account until the NCLT adjudicates the issues.
- Who
- Aakash Educational Services (AESL) and Think & Learn (TLPL)
- What
- Deferral of share allotment due to potential FEMA and ECB violations
- When
- During a Rs 100-crore rights issue
- Where
- India
- Why
- Concerns over compliance with foreign exchange and external borrowing norms
- Company
- Aakash Educational Services (AESL)
- Parent Company
- Think & Learn (TLPL)
- Rights Issue Amount
- Rs 100 crore
- Amount Paused
- Rs 25 crore
- Legal Opinions
- Former Supreme Court judge and retired RBI general manager
- Pending Tribunal
- National Company Law Tribunal (NCLT), Bengaluru
- Potential Violations
- FEMA, ECB guidelines, Companies Act
