NCLAT Upholds Minority Shareholder Rights in Aakash Educational Case

The National Company Law Appellate Tribunal (NCLAT) refused to lift a stay on amending the Articles of Association of Aakash Educational Services, a subsidiary of Byju. This stay was initially imposed by the National Company Law Tribunal due to objections from minority shareholders, including Singapore VII Topco.

The National Company Law Appellate Tribunal (NCLAT) has maintained a stay on amendments to the Articles of Association of Aakash Educational Services, a Byju subsidiary. This decision comes following protests from minority shareholders who argue the changes would dilute their rights.

On Friday, the NCLAT asked Aakash and Manipal Health Systems to present their cases to the National Company Law Tribunal (NCLT) within a week. The NCLT has been given three weeks to rule on the matter.

The Supreme Court had previously directed Aakash to seek relief from the NCLAT, ensuring the stay on the proposed resolutions remains until adequate legal hearings take place.

(With inputs from agencies.)