SC Dismisses BYJU’S Plea To Halt Aakash’s Rights Issue

The verdict clears the way for Aakash to undertake its rights issue, a move that will dilute BYJU’S stake in Akash from 25.75% to less than 5% 

Last month, Aakash’s shareholders approved an increase in the company’s authorised share capital, a prerequisite to the rights issue

The Bengaluru NCLT had earlier declined BYJU’S request to halt Aakash’s extraordinary general meeting, noting that a rights issue cannot be deemed unfair merely because a shareholder chooses not or is unable to participate

In another…