Latest news with #ShailendraAjmera
Time of India
06-06-2025
- Business
- Time of India
NCLAT rejects EY partner's plea in Byju's-Aakash case
Bengaluru: The National Company Law Appellate Tribunal (NCLAT) dismissed an appeal filed by Shailendra Ajmera, resolution professional for Think & Learn (Byju's) and a partner at Ernst & Young (EY), in the ongoing dispute over Aakash Educational Services (AESL). Ajmera challenged an April 30 order by the NCLT Bengaluru that directed all parties to maintain the status quo on Byju's 25% stake in AESL. The NCLAT held that the order was interim and passed with the consent of all parties, making it ineligible for appeal. The tribunal's bench, comprising Justice Sharad Kumar Sharma and technical member Jatindranath Swain, sided with arguments presented by senior counsels for AESL and the Manipal Group, which is the largest shareholder in AESL. They said Ajmera's appeal was not legally maintainable and that the underlying company petition under Sections 241–242 of the Companies Act was itself questionable given the ongoing insolvency proceedings. The appellate bench also noted that the April 30 order stemmed from a prior arrangement recorded by the Karnataka High Court on April 8, following the quashing of an earlier NCLT order that was passed without hearing all stakeholders. The matter will now return to the NCLT Bengaluru for a full hearing. Among the issues to be decided are whether the interim arrangement should continue, whether EY should be made a party to the proceedings due to its advisory role to multiple stakeholders, and whether Ajmera's petition is maintainable. The dispute follows a series of transactions that led to the Manipal Group acquiring a controlling stake in AESL. Byju's acquired AESL in 2021 in a deal valued at around $1 billion. Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
&w=3840&q=100)
Business Standard
03-06-2025
- Business
- Business Standard
Aakash Educational moves NCLT to implead EY in edtech firm Byju's dispute
The dispute between Aakash Educational Services (AESL) and edtech firm Byju's has escalated, with Aakash filing a sharply worded petition before the National Company Law Tribunal (NCLT) in Bengaluru, alleging conflict of interest and professional misconduct by global consulting firm Ernst & Young (EY), according to court filings reviewed by Business Standard. In an impleadment application filed on June 1, AESL has urged the tribunal to either dismiss the company petition filed by Byju's under Sections 241 and 242 of the Companies Act, alleging oppression and mismanagement, or make EY LLP and its partner Ajay Shah respondents in the case. AESL alleges that EY, which has been involved in a wide range of strategic, financial, and compliance-related advisory services for the company, is now acting against it through Shailendra Ajmera, the Resolution Professional (RP) of Byju's, who is also a senior EY functionary. 'This is a classic case of conflict of interest and abuse of the process,' said the application. 'The very transactions now being challenged in the petition — such as the issuance and conversion of non-convertible debentures (NCDs), equity restructuring, and internal governance matters — were structured and overseen by EY,' the application added. According to the filing, EY advised on the valuation and structuring of NCDs issued to Davidson Kempner. It also advised on tax and regulatory aspects of equity conversion to the Manipal group. Additionally, EY was involved in internal board-level decisions and corporate strategy at AESL as recently as October 2024. AESL is showcasing internal emails and advisory documents, evidencing EY's alleged involvement in financial forecasting, liquidity management, and decision-making processes. 'The RP has suppressed material facts, has no locus standi to file this petition under the Companies Act, and is acting in excess of his powers under the Insolvency and Bankruptcy Code (IBC),' AESL said in the filing. AESL has also warned that it may escalate the matter to regulators, including the Insolvency and Bankruptcy Board of India (IBBI) and the Ministry of Corporate Affairs, alleging that Ajmera's position as RP is 'severely compromised'. The move comes just days after the RP wrote to the AESL board, seeking clarity on the independence and nomination status of its directors, signalling a broader governance challenge in the ongoing tussle. What's at stake The fight over Aakash, which Byju's acquired in a $1 billion deal in 2021, has become a flashpoint in the edtech giant's ongoing financial and legal troubles. The Manipal group, which took over a significant stake by converting debt into equity, now controls the board of AESL. With this filing, AESL is preparing for a full-blown legal and reputational offensive, challenging both the admissibility of Byju's petition and the professional neutrality of the advisers involved. Both EY and the RP are yet to file a formal reply to the impleadment request. 'The matter is sub judice and, therefore, we cannot offer any further comment at this time. However, we refute the allegations and will defend any such legal action vigorously,' an EY spokesperson told Business Standard on Tuesday.
&w=3840&q=100)
Business Standard
03-06-2025
- Business
- Business Standard
Aakash seeks to implead EY in Byju's case, cites conflict, misconduct
The dispute between Aakash Educational Services Ltd (AESL) and edtech firm Byju's has escalated, with Aakash filing a sharply worded petition before the National Company Law Tribunal (NCLT) in Bengaluru, alleging conflict of interest and professional misconduct by global consulting firm Ernst & Young (EY), according to court filings reviewed by Business Standard. In an impleadment application filed on 1 June, AESL has asked the tribunal to either dismiss the company petition filed by Byju's—under sections 241 and 242 of the Companies Act, alleging oppression and mismanagement—or make EY LLP and its partner Ajay Shah respondents to the case. AESL alleges that EY, which has been involved in a wide range of strategic, financial and compliance-related advisory services for the company, is now acting against it through Shailendra Ajmera, the Resolution Professional (RP) of Byju's, who is also a senior EY functionary. 'This is a classic case of conflict of interest and abuse of process,' said the application. 'The very transactions now being challenged in the petition—such as the issuance and conversion of non-convertible debentures (NCDs), equity restructuring and internal governance matters—were structured and overseen by EY.' According to the filing, EY advised on the valuation and structuring of NCDs issued to Davidson Kempner. It also advised on tax and regulatory aspects of equity conversion to the Manipal Group. Additionally, EY was involved in internal board-level decisions and corporate strategy at AESL as recently as October 2024. 'The RP has suppressed material facts, has no locus standi to file this petition under the Companies Act, and is acting in excess of his powers under the Insolvency and Bankruptcy Code,' AESL said in the filing. AESL has also warned that it may escalate the matter to regulators, including the Insolvency and Bankruptcy Board of India (IBBI) and the Ministry of Corporate Affairs, alleging that Ajmera's position as RP is 'severely compromised'. The move comes just days after the RP wrote to the AESL board seeking clarity on the independence and nomination status of its directors, signalling a broader governance challenge in the ongoing tussle. What's at stake The fight over Aakash, which Byju's acquired in a $1 billion deal in 2021, has become a flashpoint in the edtech giant's ongoing financial and legal troubles. Manipal Group, which took over a significant stake by converting debt into equity, now controls the board of AESL. With this filing, AESL is preparing for a full-blown legal and reputational offensive—challenging both the admissibility of Byju's petition and the professional neutrality of the advisers involved. Both EY and the Resolution Professional are yet to file a formal reply to the impleadment request. "The matter is sub-judice, and therefore we cannot offer any further comment at this time. However, we refute the allegations and will defend any such legal action vigorously," an EY spokesperson told Business Standard on Tuesday.
The Hindu
28-05-2025
- Business
- The Hindu
Byju's Learning app delisted from Google Play Store
Beleaguered edtech firm Byju's learning app has been delisted from Google Play Store due to non-payment of dues to its vendor Amazon Web Services, according to sources. AWS has been trying to resolve payment issues with Think and Learn, which operates under the Byju's brand, since April last year. "BYJU's Learning app has been delisted from Playstore because of non-payment to Amazon Web Services (AWS), which provides support to the app. Byju's business is now being managed by an Insolvency Resolution Professional who has to manage all payment-related issues as well," a source told PTI. An email sent to Think and Learn's Insolvency Resolution Professional (IRP) Shailendra Ajmera did not elicit any reply. "Apps, which are being handled by other vendors, are functional as of now," sources aware of the development said. Byju's Premium Learning app and Byju's Exam Prep app continue to be available on Google Play Store. When contacted, an AWS spokesperson said, "AWS has been working with Think and Learn Private Limited since April 2024 to resolve its outstanding AWS account balance. We remain hopeful that this matter can be resolved. Separately, we are unable to comment on any actions taken by other technology providers with respect to the BYJU'S app". Byju's Learning App covered mathematics, physics, chemistry and biology for classes 4-12 and social studies for classes 6–8 as well. The app also provides preparation support for competitive exams like JEE, NEET, and IAS. The app continues to be available on Apple's App Store. The National Company Law Appellate Tribunal has started insolvency proceedings against Byju's on appeal by various investors, including lender-authorised agency Glas Trust.
Time of India
27-05-2025
- Business
- Time of India
Byju's Learning app delisted from Google Playstore due to non-payment to vendor
HighlightsThe beleaguered educational technology firm Byju's has had its learning application removed from the Google Play Store due to non-payment of dues to Amazon Web Services. Byju's business is currently under the management of an Insolvency Resolution Professional who is responsible for addressing all payment-related issues. Insolvency proceedings against Byju's have been initiated by the National Company Law Appellate Tribunal following appeals from various investors, including the lender-authorised agency Glas Trust. Beleaguered edtech firm Byju's learning app has been delisted from Google Playstore due to non-payment of dues to its vendor Amazon Web Services , according to sources. While some of the other apps of Think and Learn , which operate under the Byju's brand, continue to be functional on Google Playstore. "BYJU's Learning app has been delisted from Playstore because of non-payment to Amazon Web Services, which provides support to the app. Byju's business is now being managed by an Insolvency Resolution Professional who has to manage all payment-related issues as well," a source told PTI. An email sent to Think and Learn's Insolvency Resolution Professional (IRP) Shailendra Ajmera did not elicit any reply. Byju's Leaning App covered mathematics, physics, chemistry and biology for classes 4-12 and social studies for classes 6-8 as well. The app also provides preparation support for competitive exams like JEE, NEET, and IAS. The app continues to be available on Apple's App Store. Byju's Premium Leaning app and Byju's Exam Prep app continue to be available on Google Playstore. The National Company Law Appellate Tribunal has started insolvency proceedings against Byju's on appeal by various investors, including lender-authorised agency Glas Trust.
