The Extraordinary General Meeting (EGM) held on Wednesday was attended by all eleven shareholders of AESL, including the Resolution Professional (RP) of Think & Learn Pvt. Ltd. (TLPL), the parent of Byju's, which holds 25.54 per cent shareholding in AESL.
Aakash Educational Services Limited (AESL) said its shareholders have approved the proposal to increase the company's authorised share capital, following the recent green signal from the National Company Law Appellate Tribunal (NCLAT), Chennai. The proposal had earlier been recommended by the Board of Directors at its meeting held on October 4, 2025.
All shareholders, including Byju's RP, attend EGM
The Extraordinary General Meeting (EGM) held on Wednesday was attended by all eleven shareholders of AESL, including the Resolution Professional (RP) of Think & Learn Pvt. Ltd. (TLPL), the parent of Byju's, which holds 25.54 per cent shareholding in AESL.
During the meeting, the RP of TLPL raised objections to the proposed resolution and referred to the ongoing proceedings before the NCLAT, Chennai, and the National Company Law Tribunal (NCLT), Bengaluru, which challenge certain decisions of the AESL Board, including the rights issue.
Chairman emphasises capital hike essential for stability
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Responding to these concerns, Shailesh Vishnubhai Haribhakti, chairman of AESL, clarified that the proposed increase in authorised share capital and the rights issue are both critical for ensuring the continuity and stability of Aakash's operations.
He emphasised that these measures ultimately serve the best interests of TLPL by preserving the value of its equity holding in Aakash.
"The situation of Aakash is such that, in the interest of M/s Think & Learn Pvt. Ltd., the rights issue is the only way that Aakash can continue its ongoing operations, which ultimately protects TLPL's investment," Haribhakti said during the meeting.
CoC urged to participate in rights issue
Haribhakti further urged the RP to place the matter before the Committee of Creditors (CoC) of TLPL, noting that the rights issue is being offered at par and presents an opportunity for the CoC to participate in Aakash's growth in a commercially prudent manner.
"The rights issue is at par, and it is expected of the CoC of M/s Think & Learn Pvt. Ltd. to participate in the rights issue in its commercial wisdom," he added.
Resolution approved by requisite majority
Following deliberations, the resolution to increase the authorised share capital was approved by the requisite majority of shareholders present and voting.
The development comes after the NCLAT Chennai Bench on Tuesday dismissed a request from GLAS Trust Company LLC, representing Byju's US-based lenders, to stop the extraordinary general meeting of Aakash Educational Services scheduled for October 29.
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