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Riju moves NCLT against TLPL’s Compulsory Convertible Debenture pact with Glas subsidiary
Millennium Post Delhi
|New Delhi 17November2025
Riju Ravindran has moved the National Company Law Tribunal (NCLT) challenging the Compulsory Convertible Debenture (CCD) agreement between Think & Learn Pvt Ltd (TLPL) and a subsidiary of Glas Trust Co, Byju’s US-based financial creditor. He alleges the arrangement violates FDI and FEMA regulations.
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According to Riju, the CCD agreement was executed to raise funds for TLPL to subscribe to the ongoing rights issue of Aakash Educational Services Ltd (AESL) after Glas Trust failed to secure a stay from the NCLAT and the Supreme Court. Glas, which holds over 99 per cent voting rights in TLPL, is allegedly attempting to raise money “illegally” through this structure to participate in AESLs rights issue.
Riju, a suspended direc-
Riju claimed CCD in substance is an external commercial borrowing, which is prohibited
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Riju moves NCLT against TLPL’s Compulsory Convertible Debenture pact with Glas subsidiary
Riju Ravindran has moved the National Company Law Tribunal (NCLT) challenging the Compulsory Convertible Debenture (CCD) agreement between Think & Learn Pvt Ltd (TLPL) and a subsidiary of Glas Trust Co, Byju’s US-based financial creditor. He alleges the arrangement violates FDI and FEMA regulations.
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