Aakash Educational Services (AESL) on Wednesday said its shareholders have approved an increase in the company’s authorised share capital, following the go-ahead from the National Company Law Appellate Tribunal (NCLAT), Chennai. The proposal was earlier cleared by the company’s board at its meeting on 4 October 2025.
The decision was taken at an Extraordinary General Meeting (EGM) attended by all eleven shareholders, including the Resolution Professional (RP) of Think & Learn Pvt Ltd (TLPL), the parent company of edtech firm Byju’s, which holds a 25.54 per cent stake in AESL.
During the meeting, the RP raised objections to the resolution, citing pending proceedings before the NCLAT, Chennai, and the National Company Law Tribunal (NCLT), Bengaluru, that challenge certain AESL board decisions, including the proposed rights issue.
Responding to the concerns, AESL Chairman Shailesh Vishnubhai Haribhakti said the increase in authorised share capital and the rights issue were essential to ensure the continuity and stability of Aakash’s operations.
He added that the measures were in the best interest of all shareholders, including TLPL, as they aimed to preserve the value of its equity holding in Aakash.
“The situation of Aakash is such that, in the interest of M/s Think & Learn Pvt Ltd, the rights issue is the only way Aakash can continue its ongoing operations, which ultimately protects TLPL’s investment,” Haribhakti said.
He urged the RP to present the matter before TLPL’s Committee of Creditors (CoC), noting that the rights issue was being offered at par value and represented an opportunity for the CoC to participate in the company’s growth on commercially prudent terms.
“The rights issue is at par, and it is expected of the CoC of M/s Think & Learn Pvt Ltd to participate in the rights issue in its commercial wisdom,” Haribhakti added.
Following discussions, the shareholders approved the resolution to increase the authorised share capital by the requisite majority. |
