SC agrees to hear Mon GLAS Trust's plea vs Aakash Educational rights issue
This story was originally published at 12:08 IST on 31 October 2025
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NEW DELHI – The Supreme Court has agreed to hear on Monday GLAS Trust Co. LLC's plea against Aakash Educational Services Ltd.'s move to conduct a rights issue that will dilute the shareholding of Byju's parent company Think & Learn Ltd. from 25.75% to less than 5%. GLAS Trust is a lender to Think & Learn and a member of the bankrupt edtech company's committee of creditors. Think & Learn is currently undergoing corporate insolvency resolution initiated by the Board of Control for Cricket in India.
On Tuesday, the Chennai bench of the National Company Law Appellate Tribunal rejected a plea by GLAS Trust, refusing to stay the extraordinary general meeting of Aakash Educational, scheduled for Wednesday. Following the appellate tribunal's order, Aakash Educational Services shareholders Wednesday approved a proposal to raise the company's authorised share capital, a key step before conducting a rights issue. Subsequently, GLAS Trust moved the Supreme Court, challenging the appellate tribunal's order.
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 a plea by Think & Learn 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, 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 Nishant Maher
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