Aakash Institute, along with its minority shareholders, including private equity major Blackstone, and its majority shareholder, Ranjan Pai’s Manipal Education & Medical Group, have opposed the inclusion of Glas Trust in the matter concerning the removal of reserved rights of minority shareholders in the edtech company.
The coaching operator urged the National Company Law Appellate Tribunal (NCLT) to reserve the order, as both parties had presented their arguments. However, the bench declined to do so, stating that Glas Trust has yet to be impleaded in the case.
“They waited for the hearing to be virtually concluded, and at that stage, they come forward and say, 'no, no, we have something to say.' If they had something to say, they should have said it earlier,” senior advocate CK Nandakumar who is representing Akash said while questioning Glas Trust’s intervention in Blackstone's petition.
“They have no nexus with me. If that is the case, then why are they stalling the hearing on my vacating application… Here is a complete stranger as far as this case is concerned,” he said.
Glas Trust requested the tribunal to make it a party to the case, arguing that the removal of minority shareholder rights could impact Byju's insolvency process as the edtech firm will lose control over its profitable affiliate, Aakash. While Aakash is profitable, Think & Learn is currently undergoing insolvency proceedings.
Also Read: Aakash Institute seeks NCLT nod to amend Articles of Association amid shareholder feud
"Every board resolution requires the affirmative consent of the Think & Learn's representative. For every shareholders' meeting, a quorum can only be established if a Think & Learn representative is present. Now, this whole series of articles by which Think & Learn has control over Akash is sought to be removed,” senior advocate Srinivasa Raghavan, representing Glas Trust argued.
Earlier, Glas Trust had questioned an extraordinary general meeting (AGM) called by Aakash in November last year, which aimed to amend the articles of association of the coaching centre operator.
Raghavan argued that the resolution passed is invalid because Byju's promoter attended the board meeting on behalf of Think & Learn, whereas it should have been the resolution professional (RP) representing the company as it is under the corporate insolvency resolution process (CIRP).
The bench has asked Aakash to address how the resolution has been passed with a person who is not authorised to attend the meeting.
“I am also joining my friends in opposing this request for impleadment. If Think and Learn may have legitimacy, we have filed an application to implead Think and Learn, but Glas Trust may not be a proper party,” said senior advocate Niranjan Reddy, representing the minority investors of Aakash.
Also Read: NCLT agrees to hear Glas Trust in Aakash minority shareholder rights case
The coaching operator urged the National Company Law Appellate Tribunal (NCLT) to reserve the order, as both parties had presented their arguments. However, the bench declined to do so, stating that Glas Trust has yet to be impleaded in the case.
“They waited for the hearing to be virtually concluded, and at that stage, they come forward and say, 'no, no, we have something to say.' If they had something to say, they should have said it earlier,” senior advocate CK Nandakumar who is representing Akash said while questioning Glas Trust’s intervention in Blackstone's petition.
“They have no nexus with me. If that is the case, then why are they stalling the hearing on my vacating application… Here is a complete stranger as far as this case is concerned,” he said.
Glas Trust requested the tribunal to make it a party to the case, arguing that the removal of minority shareholder rights could impact Byju's insolvency process as the edtech firm will lose control over its profitable affiliate, Aakash. While Aakash is profitable, Think & Learn is currently undergoing insolvency proceedings.
Also Read: Aakash Institute seeks NCLT nod to amend Articles of Association amid shareholder feud
"Every board resolution requires the affirmative consent of the Think & Learn's representative. For every shareholders' meeting, a quorum can only be established if a Think & Learn representative is present. Now, this whole series of articles by which Think & Learn has control over Akash is sought to be removed,” senior advocate Srinivasa Raghavan, representing Glas Trust argued.
Earlier, Glas Trust had questioned an extraordinary general meeting (AGM) called by Aakash in November last year, which aimed to amend the articles of association of the coaching centre operator.
Raghavan argued that the resolution passed is invalid because Byju's promoter attended the board meeting on behalf of Think & Learn, whereas it should have been the resolution professional (RP) representing the company as it is under the corporate insolvency resolution process (CIRP).
The bench has asked Aakash to address how the resolution has been passed with a person who is not authorised to attend the meeting.
“I am also joining my friends in opposing this request for impleadment. If Think and Learn may have legitimacy, we have filed an application to implead Think and Learn, but Glas Trust may not be a proper party,” said senior advocate Niranjan Reddy, representing the minority investors of Aakash.
Also Read: NCLT agrees to hear Glas Trust in Aakash minority shareholder rights case
