Aakash Educational Services Accuses EY of Conflict of Interest

In a significant legal confrontation, Aakash Educational Services Ltd (AESL) has issued a legal notice to renowned consultancy firm Ernst & Young (EY), accusing it of conflict of interest and professional misconduct. According to AESL, EY has been involved in AESL's financial operations since 2021, including a proposed merger with Think & Learn Private Ltd, owners of the Byju's brand.

The dispute escalated as AESL uncovered that EY allegedly acted as the 'exclusive financial advisor and official result validators' for AESL's competitor, Allen Career Institute. This dual role has raised serious concerns within AESL, leading to multiple legal notices being served to EY, challenging their integrity and alleging concealment of vital transaction documents.

With accusations of unethical conduct mounting, AESL is contemplating further civil and criminal proceedings against EY. The allegations are compounded by a related legal battle involving Byju's founders, who have also initiated legal action against EY following whistleblower revelations implicating EY's involvement with US-based GLAS Trust, which has filed an insolvency case against Byju's.

(With inputs from agencies.)