NCLT halts move to alter Aakash Institute Articles of Association amid dispute with Byju's investors

The National Company Law Tribunal (NCLT) halted Aakash Institute’s move to amend its Articles of Association (AoA) amid a dispute with Byju’s investors. The order came in response to a petition by Singapore VII Topco I, a Blackstone entity holding a 6.97% stake in Aakash. The investors alleged that the proposed amendments aimed to dilute their shareholding and rights. The tribunal directed Aakash to refrain from implementing the resolution until the main petition is resolved. Byju’s, which acquired Aakash in 2021, faced accusations of colluding with Manipal Education to undermine minority shareholders. The case underscores the ongoing tensions between Byju’s and its investors, highlighting the challenges in managing corporate governance and shareholder rights in high-stakes mergers and acquisitions.