SC rejects creditor's plea against Aakash rights issue

THE Supreme Court on Monday dismissed an appeal filed by US-based lender GLAS Trust Company LLC, a creditor of Think & Learn Pvt Ltd, parent company of BYJU’s, against the rights issue proposed by Aakash Educational Services Limited (AESL), clearing the way for the capital raise that will reduce Byju’s holding in the company from 25.75% to about 5%.

- ENS ECONOMIC BUREAU @New Delhi

GLAS Trust, representing Byju’s US-based lenders, had challenged AESL’s move before the National Company Law Appellate Tribunal (NCLAT), Chennai, which rejected its plea on October 28. The lender then approached the Supreme Court, which upheld the NCLAT’s order. Sanjay Garg, head-legal of AESL, said, “Akash Educational Services Limited has a proud legacy of empowering students and shaping India’s academic excellence for over three decades. We welcome the Supreme Court’s dismissal of the civil appeals. This judgment reaffirms the strength of our position and upholds