US Lender Seeks to Bar Internal Rule Change at Aakash

Minority Shareholders Contested the Amendments on the Grounds That Their Rights Would Be Diluted

- Krishna Yadav

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. AoAs are a company's internal rule-book that outlines how it will be governed and operated.