The National Company Law Tribunal (NCLT) at Bengaluru was on Wednesday informed that Think & Learn Private Limited, the parent company of Byju's, and Aakash Educational Services Limited have reached a settlement in their dispute over Aakash's rights issue.
Senior Advocate Abhinav Vasisht, appearing for the Resolution Professional of Think & Learn, and Senior Advocate C.K. Nandakumar, representing Aakash, informed the Tribunal about the settlement.
The submission was made before Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada.
The proceedings stem from Aakash's rights issue, which Think & Learn had challenged before the NCLT on allegations of oppression and mismanagement. The Tribunal had declined to grant interim relief, a decision later upheld by the National Company Law Appellate Tribunal (NCLAT). The Supreme Court subsequently declined to interfere.
The proceedings later centred on Think & Learn's subscription to the rights issue. Aakash did not allot shares against the first tranche, citing concerns over the foreign source of funds. Think & Learn's shareholding was subsequently reflected at 10.99%, down from its earlier 25.75%.
The NCLAT later allowed Think & Learn to subscribe to the second tranche to retain its 25.75% entitlement. It also directed Aakash not to undertake matters requiring a special resolution pending adjudication of the proceedings.
The Supreme Court subsequently recorded Aakash's undertaking to preserve Think & Learn's 25.75% shareholding pending adjudication of the rights issue proceedings.
On Wednesday, the counsels sought a listing on Thursday to place on record a joint application seeking to record the settlement reached between the parties in both company petitions.
The Tribunal accordingly posted both petitions for Thursday to consider the joint application.
For Petitioner: Senior Advocate Abhinav Vasisht, Advocates Pooja Mahajan, Arveena Sharma, Ichchha Kalash, Hari Krishna Pramod, Aishwarya V. Ravindranath, Samridhi Shrimali, Akshita Sachdeva Jaitly and Sparsh Jain
For Respondents: Senior Advocates U.K. Chaudhary, C.K.Nandakumar, Arun Katpalia, Dhyan Chinnappa, S.S. Nagananda, Advocates R. Chandrachud, Shyam Sundar Arun Katpalia, Laksha Kalappa, Anmol Jayal, Laksha Kalappa and Anmol Jayal