 "Supreme Court, SC")
The Supreme Court on Friday barred Byju’s subsidiary Aakash Educational Services from implementing a resolution to amend its Articles of Association (AoA) passed at its extraordinary general meeting (EGM). The amendments allegedly sought to dilute the rights of minority shareholders.
A bench of Chief Justice of India (CJI) Sanjiv Khanna and Justice PV Sanjay Kumar directed Aakash to approach the National Company Law Appellate Tribunal (NCLAT) within seven days. The stay on implementing the EGM resolution will remain effective until the NCLAT hears the appeal.
Earlier, the minority shareholders had filed a petition with the NCLT, claiming the amendments violated their rights under a prior merger framework agreement (MFA). The tribunal on November 20 had restrained Aakash from implementing the proposed amendments, citing potential dilution of minority shareholder rights.
However, Aakash moved the high court which stayed the NCLT order.
The proposed amendments allegedly sought to dilute the rights of minority shareholders, which includes Singapore VII Topco I Pte Ltd, owned by Blackstone, which holds a 6.97 per cent stake in Aakash Education. Blackstone had alleged that its rights and interests were being violated.
Blackstone had appealed against the Karnataka High Court order that allowed Aakash to go ahead with the proposed amendments. The apex court has cleared that the High Court order will not influence the NCLAT’s decision.
Meanwhile, Aakash told the apex court that it will not pursue its case against a NCLT order in the High Court.
 "Jugeshinder Singh, Jugeshinder")
 "Hindustan unilever, HUL")
 "Amazon")
 "Aster DM Healthcare has announced a merger with Blackstone-backed CARE Hospitals with the Bengaluru-based company, leading to the creation of Aster DM Quality Care, which will be among the top three players in India with 38 hospitals and a presence i")
 "Cipla")
