Move NCLT to lift bar on amending articles of association, NCLAT to Aakash
This story was originally published at 14:24 IST on 6 December 2024
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NEW DELHI – The Chennai bench of the National Company Law Appellate Tribunal on Friday asked Byju's-owned Aakash Educational Services Ltd. and its shareholder Manipal Health Systems Pvt. Ltd. to file an application in the National Company Law Tribunal, Bengaluru bench, for lifting the bar on Aakash from amending the article of association. The appellate tribunal said that Aakash and Manipal can file its application within one week and the Bengaluru tribunal is requested to decide the same within three weeks.
Earlier, the minority shareholders of Aakash Educational Services – Singapore VII Topco I Pte. Ltd. and BCP Asia Athena ESC (Cayman) Ltd had moved the Bengaluru tribunal against Aakash's move to amend its article of association in an extraordinary general meeting of the company scheduled for Nov. 20. One of the agenda for the meeting was to amend the articles of association of Aakash Educational Services to grant additional rights to Manipal Health Systems while deleting Part B in its entirety, the petitioners said. Part B granted several rights to minority shareholders, including a right to appoint a director on the board of Aakash Educational Services, pre-emptive rights and information rights, the petitioners said.
In addition to deleting their rights, extensive rights were being conferred on Manipal Health Systems, the two minority shareholders said.
The minority shareholders said that the amendment of Aakash Educational Services's articles of association was a "reserved matter" and the company was obligated to issue a "reserved matter notice" to them. The notice for the meeting was issued in contravention of the articles of association as no prior written approval of the petitioners was obtained, the two minority shareholders said. Having failed to procure their prior written approval, Aakash Educational Services was restricted from taking any action or commitment on the reserved matter, the petitioners had said. On Nov. 20, the Bengaluru tribunal, in an interim order, had asked Aakash to not go ahead with the amendment of articles of association of the company. End
Reported by Surya Tripathi
Edited by Deepshikha Bhardwaj
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