Aakash Educational Services Challenges Byju's Petition Amidst Governance Tussle
Aakash Educational Services has contested a petition by Byju's in the NCLT, labeling it as vexatious litigation. The case involves governance and control issues, following Byju's failed acquisition. AESL seeks to implicate E&Y for their role in strategic decisions. The matter highlights corporate governance challenges amidst insolvency proceedings.
- Country:
- India
Aakash Educational Services Limited (AESL) has taken a legal stand against Byju's, seeking the dismissal of a petition filed by the edtech firm in the National Company Law Tribunal (NCLT). The application characterizes the petition as 'vexatious litigation' and calls for its dismissal on legal grounds.
AESL's application stresses the importance of involving consultancy firm Ernst & Young (E&Y) and its partner Ajay Shah in the proceedings. It accuses them of playing a vital role in past strategic decisions and has called for their inclusion as respondents.
The case underscores wider issues of mismanagement and corporate governance in the wake of Byju's failed acquisition of AESL, with broader implications for company law and the handling of insolvency proceedings in India.
(With inputs from agencies.)
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