Aakash Founder Moves NCLT Against Amendment to Articles of Association (AOA)

Jagdish Chand Chaudhary, founder of Aakash Education Services Limited (AESL)  and a minority shareholder, has filed a plea before the National Company Law Tribunal (NCLT) challenging an amendment to the company's Articles of Association (AoA). 

The amendment, he argues, would dilute minority shareholders' stake in Aakash, a subsidiary of Byju’s.

The NCLT issued notices to key stakeholders, including Blackstone-backed Singapore Topco, Byju Raveendran, and Manipal Group. The matter is set for a hearing on April 30. 

Aakash claims the amendment is necessary for securing funding, while Glas Trust Company LLC, Byju’s lender, argues it seeks to dilute Byju’s valuable stake in Aakash.