Think & Learn Pvt Ltd (TLPL), the insolvent parent of BYJU’S, will hold around 32% in Aakash Educational Services after a settlement resolving a long-running shareholding dispute is fully implemented, according to inc42.com. This stake is higher than the roughly 25.75% TLPL held before Aakash’s ₹240 crore rights issue became the subject of litigation last year.
The settlement involves allotment of rights issue shares and transfer of existing shares to TLPL, with no cash consideration exchanged among TLPL, Aakash, and Aakash’s investor Manipal Group, inc42.com reported. Previously, TLPL’s recorded shareholding fell sharply after Aakash withheld a portion of the shares it had subscribed for. Both Aakash and Manipal Group declined to comment on the development. This follows a National Company Law Tribunal (NCLT) order directing TLPL’s resolution professional and bidder Comprint Tech Solutions to maintain status quo on assets auctioned by TLPL amid ownership disputes.
The shareholding dispute arose after Aakash’s ₹240 crore rights issue, which TLPL subscribed to but did not receive all shares due to withholding by Aakash. The NCLT’s intervention came after claims that assets worth around ₹150 crore were auctioned for about ₹16 crore, raising concerns about asset disposal impacting the corporate insolvency resolution process of BYJU’S group entities. The resolution professional of BYJU’S K3 Education argued that further disposal could leave the company without assets to continue its resolution.
The settlement marks a resolution to the shareholding dispute between TLPL and Aakash Educational Services, with TLPL’s stake increasing to approximately 32%. The NCLT’s order to maintain status quo on auctioned assets remains in effect, ensuring asset stability during ongoing insolvency proceedings.