NCLT declines relief to Byju's, refuses to stay Aakash from convening EGM on rights issue

The National Company Law Tribunal has declined to grant any interim relief to insolvency-bound edtech firm Byju’s, which sought to restrain Aakash Educational Services Ltd (AESL) from convening its extraordinary general meeting (EGM) for a rights issue.

- MPOST BUREAU

It rejected Byju’s plea to stay the EGM to be held on October 29, 2025, observing “acceptance of such plea would lead to an incoherent proposition undermining the independent rights of the company’.

“As a shareholder, the Petitioner (Byju’s) may validly seek financial documents to be aware of the health of the Respondent No 1 (AESL), but the proposed rights issue infusing funds cannot be termed to be unequitable.” said the National Company Law Tribunal (NCLT).

‘The tribunal's order mentioned that this is the second petition by Think & Learn Pvt Ltd, which operates under the brand name Byju’s filed through its Resolution Professional before the Bengaluru bench of the NCLT on the same issue.

Byju’s had requested the proposed EGM to be kept on hold, as the rights issue would reduce its shareholding in Aaskash from 25 per cent to less than 5 per cent.