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Byju’s crisis timeline: From edtech giant to fighting legal battles
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The Bengaluru bench of the National Company Law Tribunal (NCLT) has dismissed a plea by Byju’s parent company, Think & Learn, seeking an interim stay to stop Aakash Educational Services from holding its extraordinary general meeting (EGM) on October 29. The meeting is meant to approve a rights issue that Think & Learn tried to block.
Think & Learn’s counsel argued that the proposed rights issue would reduce its stake in Aakash from 25.75% to about 5%, as the company, currently undergoing insolvency, cannot take part in the new share issuance. The…
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