NCLAT sends Aakash's AoA amendment case back to NCLT
NCLAT) has declined to lift the stay on the NCLT order, barring amendment of the Articles of Association of Aakash Educational Services, a subsidiary of the debt-ridden edtech major Byju. Disposing the petitions moved by Manipal Health Systems and Aakash Educational Services, the Chennai bench of the National Company Law Appellate Tribunal on Friday asked them to file applications before the National Company Law Tribunal for vacating the order passed on November 20, 2024.
A two-member bench granted them a week to file it and also directed the National Company Law Tribunal (NCLT) to decide it within three weeks thereafter.
Moreover, the status quo would continue as directed by the Supreme Court in this matter, a 14-page-long NCLAT order said.
An extraordinary general meeting (EGM) of Aakash Educational Services was scheduled to be held on November 20 to consider and approve alteration in the AoA, which was objected to by the minority shareholders.
However, on the same day on November 20, 2024, the Bengaluru bench of NCLT stayed the resolution related to amendment in the AoA of Aakash Educational Services, which allegedly seeks to dilute the rights of minority shareholders, including Blackstone-backed Singapore VII Topco.
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