Byju's lenders oppose Aakash EGM on Wednesday
Glas Trust, which represents a group of US entities that lent $1.2 billion to the edtech firm Byju's, has questioned tomorrow’s extraordinary general meeting (EGM) called by Think & Learn’s subsidiary Aakash Institute as it may affect Byju’s insolvency process.
Glas Trust has raised concerns about Think & Learn resolution professional's (RP) actions, specifically questioning the decision to allow Byju's founder to represent Think & Learn on Aakash’s board.
«The RP is not bothered even though the assets from the company are being frittered away,” said Glas Trust.
The Insolvency and Bankruptcy Code (IBC) emphasises protecting an entity’s assets so that the maximum value of the entity is preserved. However, by allowing Byju’s founder Byju Raveendran to continue representing Think & Learn on Aakash’s board, the RP may violate the above IBC principles.
The upcoming EGM is set to amend the test prep platform’s articles of association, effectively resulting in Think & Learn losing control over Aakash’s majority of directors and also infringing the rights of minority shareholders of Aakash.
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