Business
Byju's and Aakash settle rights issue dispute
Livemint··3h ago
Think & Learn and Aakash Educational Services told the National Company Law Tribunal they settled a dispute over a rights issue, without disclosing settlement terms. Think & Learn's recorded Aakash stake fell to 13.72% by March 31 after 122.2 million shares it paid for remained unallotted. Glas Trust and Qatar Holding seek recovery from Think & Learn's insolvency.
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What It Means For You
- Qatar Holding seeks to enforce an arbitration award of more than $235 million against Byju Raveendran.
- Glas Trust lent $1.2 billion through a term loan and is pursuing claims linked to Think & Learn's Aakash shares.
- Whether lenders hold direct security over those shares depends on loan documents, lawyers told Mint.
What's Happening
- Aakash ran three rights issue rounds between November 2025 and March 2026.
- Byju's subscribed but Aakash did not allot all shares, citing foreign-exchange and borrowing concerns.
- The parties plan a joint tribunal application but have not said if all paid shares will be allotted.
What Aakash's books show
- Aakash reported a consolidated fiscal 2026 loss of Rs 186.5 crore on revenue near Rs 2,040.5 crore.
- Manipal Health Systems held 63.95% of Aakash as of March 31, 2026.
- Auditors flagged significant doubt on the holding company's ability to continue as a going concern.
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