EdTech
NCLT Refutes BYJU’S Bid To Halt Aakash’s EGM On Rights Issue
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SUMMARY
The NCLT Bengaluru bench has rejected its plea for an interim stay on Aakash Educational Services Ltd (AESL)’s extraordinary general meeting (EGM)
AESL’s board plans to approve a INR 500 Cr rights issue on October 29, which could potentially reduce BYJU’S stake in the company from 25.75% to under 5%
AESL is raising funds primarily to address a severe cash crunch and sustain its operations
In another setback for troubled edtech firm BYJU’S
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