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US Lender Glas Trust Seeks to Bar Aakash From Amending AOA
Hindustan Times Mumbai
|March 12, 2025
Glas Trust Co. LLC, the US lender of bankrupt edtech firm Byju's, has moved the National Company Law Appellate Tribunal (NCLAT) with a fresh plea that seeks to prevent Byju's subsidiary Aakash Educational Services from amending its articles of association (AoA) for restructuring and fundraising.
NEW DELHI: AoAs are a company's internal rulebook that outlines how it will be governed and operated.
The plea follows the withdrawal of a petition on 25 February by Singapore VII Topco, backed by private equity firm Blackstone, which challenged the proposed amendment. Singapore Topco had secured a stay from the National Company Law Tribunal (NCLT) in November that prevented Aakash from modifying its AoA.
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