BYJU's parent Think & Learn challenges Aakash rights issue in Supreme Court

New Delhi: BYJU's parent company Think & Learn on Monday moved the Supreme Court to restrain Aakash Educational Services (AES) from proceeding with the second tranche of its ₹240 crore rights issue. AES wants to raise ₹140 crore out of the total of ₹240 crore. The apex court will hear the plea on Tuesday.

Think & Learn through its resolution professional Shailendra Ajmera has challenged the National Company Law Appellate Tribunal's (NCLAT) February 3 order that allowed AES to issue the second tranche of right shares and granted former the liberty to apply for shares not exceeding the number proportionate to its original shareholding of 25.75%.

The NCLAT had also barred AES from taking up any issue that may require special resolution till the final disposal of the dispute related to the allotment of shares to Think & Learn in both tranches of the rights issue.


Last year, the Supreme Court had rejected appeals by US-based Glas Trust Co LLC and Ajmera against AES' move to conduct a rights issue. GLAS Trust, being a lender, holds 99.41% voting share in the CoC of Think & Learn.