NCLAT refuses to stay Aakash Educational Services EGM, junks GLAS Trust plea
This story was originally published at 17:38 IST on 28 October 2025
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NEW DELHI – The Chennai bench of the National Company Law Appellate Tribunal Tuesday refused to stay the extraordinary general meeting of Aakash Educational Services Ltd., scheduled for Wednesday. The meeting is to seek permission to expand Aakash Educational's equity base through a rights issue and to dilute the shareholding of BYJU's parent company, Think & Learn Ltd., from 25.75% to less than 5%.
The appellate tribunal rejected the plea of GLAS Trust Co. LLC, a lender to Think & Learn Pvt. Ltd. and a member of the latter's committee of creditors. Think & Learn is currently undergoing a Corporate Insolvency Resolution Process initiated by the Board of Control for Cricket in India. The appellate tribunal said that it would be inappropriate to interfere with Aakash Educational Services' internal affairs at this stage.
On Oct. 17, the Bengaluru bench of the National Company Law Tribunal had also refused to stay the extraordinary general meeting of Aakash Educational on a plea by Think & Learn. It was hearing Think & Learn's plea alleging oppression and mismanagement in Aakash Educational's affairs.
Think & Learn had contended that the board of Aakash Educational has been convening meetings in gross violation of Part B of the articles of association. The committee of creditors of Think & Learn, including GLAS Trust Company, argued that their vital rights as creditors of the debt-ridden company were at stake and needed to be protected. End
Reported by Surya Tripathi
Edited by Saji George Titus
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