A Clash Over Articles: Aakash Educational Under Legal Scrutiny

Jagdish Chand Chaudhry, founder of Aakash Educational Services, has initiated legal proceedings against changes in the company's Articles of Association (AoA) affecting minority rights. The dispute involves major stakeholders including Think & Learn, which is undergoing insolvency, and Manipal Education and Medical Group, the primary shareholder.

Jagdish Chand Chaudhry, the founder of Aakash Educational Services, has taken legal action to block proposed amendments to the company's Articles of Association (AoA). The case, presented before the National Company Law Tribunal's (NCLT) Bengaluru bench, targets Aakash and 22 other entities involved in the proposed changes.

Currently holding minority shareholder status, Chaudhry aims to prevent these alterations, potentially impacting company governance and minority shareholders' rights. The matter is set for further deliberation on April 30, per the NCLT's directive.

The legal conflict highlights the complex dynamics involving stakeholders like Think & Learn, the edtech entity affiliated with Byju's, now facing insolvency, and Manipal Education and Medical Group, which, as a major stakeholder, acquired a 40% stake in Aakash.

(With inputs from agencies.)