NCLAT Quashes BYJU’S Appeal In Aakash Shareholding Dispute

The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal filed by the resolution professional of Byju's parent company, Think & Learn (TLPL), in a shareholding dispute concerning Aakash Educational Services. The appeal was against an NCLT order that directed to maintain the status quo of TLPL's shareholding in Aakash. The NCLAT upheld the NCLT's decision, terming it a "consensual" and interlocutory order that did not decide the final rights of the parties. The dispute arose amidst plans for equity fundraising by Aakash, with TLPL seeking to prevent the dilution of its stake. The NCLAT's refusal to interfere at this stage means that the directive to maintain the current shareholding structure in Aakash remains in effect until the NCLT hears the matter in detail. This decision is a significant development in the ongoing legal and financial challenges faced by the edtech major, Byju's.