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economictimes.indiatimes.com / 1 year ago
Blackstone withdraws petition against Aakash Institute on changes in shareholder rights
NCLT) has approved private equity firm Blackstone's request to withdraw its petition against Aakash Institute. Blackstone, a minority investor in Aakash, informed the tribunal on Monday about its decision to withdraw the case against the coaching centre operator without disclosing the details.
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This would result in the company enforcing the resolutions passed at the extraordinary general meeting (EGM) in November last year to amend its articles of association (AoA), which would lead to the removal of the reserved rights of minority investors.
On November 19, some of Aakash's minority shareholders, including Blackstone, had filed a petition with the NCLT stating that the company was attempting to strip them of their rights while granting special rights to Manipal Education & Medical Group, which holds around 40% stake.
“I'm under instructions that we will be withdrawing the writ petition and all the interlocutory petitions. We have also filed a memo seeking your lordship's leave to withdraw the company petition,” senior advocate Niranjan Reddy, representing Blackstone, told the tribunal.
“We are treating it as withdrawn, and all the related IAs (interlocutory applications) will be disposed of," the bench said.
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How chronic illness became a starting point for artistic alchemy for Koshy Brahmatmaj
Subscribe to enjoy similar stories.Pain is invisible; the sufferer has to make noise for it to be acknowledged, treated or accepted. Mumbai-based artist Koshy Brahmatmaj, 34, lives with chronic endometriosis, a painful condition that afflicts millions of women around the world.
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Even at $5 trillion, Nvidia is underappreciated
Subscribe to enjoy similar stories.Nvidia is no longer the only AI chip game in town. But it is the largest by far, and the likelihood that it will be that way for the foreseeable future should count for something.It hasn’t counted for much lately.
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RK Swamy bets on integrated advertising model as global agency giants split media and creative
Subscribe to enjoy similar stories.Homegrown advertising group RK Swamy Ltd is betting on its integrated marketing model to drive growth over the next few years, combining media, creative and other advertising services even as the ‘Big Four’ agency networks increasingly separate those businesses.“We never did disaggregated media and creative [although] that was an option 20 years ago,” Shekhar Swamy, MD and group CEO of RK Swamy Ltd told Mint in an interview.“How can you disaggregate the two? The media function holds a lot of data, and then when media and creative walk separately, it creates a lot of tension. This is not a sensible model for a client.”RK Swamy’s clients include Magicbricks, Polycab, and several government institutions and PSUs such as LIC.The company reported a 15% jump in annual revenue for FY26 to ₹351.73 crore, while profit before tax and exceptional items rose 30% year-on-year to ₹32.2 crore.
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21.05 / 09:47
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FPIs exit Korea & Taiwan: Is India ready for the flow rotation?
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PI Industries’ weak core business keeps investors on edge
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Secured credit cards: Unlocking credit and building a credit score for millions
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Forensic audits support corporate-fraud probes and IBC cases but still lack enforceable standards
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