Byju’s resolution professional aims at Raveendran Singapore firm in Aakash control battle
Subscribe to enjoy similar stories. MUMBAI : The resolution professional of edtech giant Byju's parent Think & Learn Pvt. Ltd, or TLPL, has alleged that a Singapore investment vehicle of Byju Raveendran, the embattled promoter of the platform, engaged in “unlawful conduct" to dilute the holding company's rights in test-prep company Aakash Educational Services Ltd or AESL.
AESL, which TLPL had acquired in April 2021 for about $950 million in cash and stock, is an operational part of the Byju's empire. It generated revenues of ₹2,433 crore in fiscal 2023 (data for the last two fiscal years has not been filed with the ministry of company affairs). Lenders to TLPL are fighting with Raveendran and other shareholders for AESL's control.
In an 8 January legal notice, the resolution professional for TLPL, Shailendra Ajmera, wrote to lawyers for Singapore-registered Beeaar Investco Pte Ltd’s directors, claimed that the Raveendran investment firm's actions caused “substantial harm and prejudice" to TLPL, which is under a bankruptcy resolution process. Ajmera is a transaction advisory services partner at consultancy firm EY. A resolution professional, also referred to as a bankruptcy administrator, is an insolvency expert appointed under India's bankruptcy law, Insolvency and Bankruptcy Code (IBC), to run a bankrupt company’s resolution process, including taking control of operations, collecting creditors’ claims, and steering a resolution plan through.
Read on livemint.com