Private equity firm Blackstone-backed Singapore VII Topco on Monday withdrew its NCLT petition filed against the amendment in Articles of Association of Aakash Educational Services, a subsidiary of the debt-ridden edtech major Byju.
The counsel appearing for the PE fund informed the Bengaluru bench of the National Company Law Tribunal to withdraw their petition filed against Aakash Institute, alleging oppression and mismanagement.
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An extraordinary general meeting of Aakash Educational Services was scheduled to be held on Nov. 20 to consider and approve alteration in the AoA, which was objected by the minority shareholders.
However, on the same day, the Bengaluru bench of the NCLT stayed the resolution related to the amendment in the AoA of Aakash Educational Services, which allegedly sought to dilute the rights of minority shareholders, including Singapore VII Topco.
This was later challenged by Aakash before the High Court of Karnataka, which stayed the NCLT order. Later, the Supreme Court on Nov. 29 prevented the amendment of AoA.
The Apex Court had directed Akash to approach the NCLAT within seven days and said the stay on implementing the EGM resolution over alteration in the AoA will remain in effect until the appellate tribunal hears the appeal.
The NCLT stayed the alteration of AOA over a petition filed by Singapore VII Topco I Pte Ltd and others under Sections 241, 242 and 244 of the Companies Act, which protects the rights of minority shareholders.
They had requested to direct Aakash Educational Services not to take up agenda item number 8 in the EGM, which was for "alternation" of the AoA.
The petitioners, including Singapore VII Topco I that holds 6.97% of the stake in Aakash Institute, alleged that their rights and interests were being oppressed.
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