BYJU’S and Aakash Settle Rights Issue Dispute Before NCLT

BYJU’S parent Think & Learn and Aakash Educational Services have reached a settlement in their dispute over Aakash’s rights issue, bringing one chapter of the edtech group’s long- running legal battle closer to an end. Lawyers representing Think & Learn’s resolution professional and Aakash informed the Bengaluru bench of the National Company Law Tribunal about the settlement on September 23. The detailed commercial terms have not been publicly disclosed.

The dispute emerged after Aakash moved ahead with a rights issue to raise fresh capital. Think & Learn challenged the move alleging oppression and mismanagement, arguing that dilution could sharply reduce the value of its holding in the test-prep company. The disagreement travelled through the NCLT, NCLAT and eventually the Supreme Court, which declined to interfere with the appellate tribunal’s decision allowing the rights issue to proceed.

Aakash’s funding needs had made the issue particularly sensitive. Earlier negotiations centred on how stakes held by Think & Learn, Manipal Education and Medical Group and entities linked to Byju Raveendran would ultimately be treated. BYJU’S creditors had approved a settlement

proposal in July, while lenders represented by GLAS Trust were separately reported to be discussing a potential stake of around 30% in Aakash as part of a wider recovery arrangement. Aakash remains one of the most valuable businesses connected to the distressed BYJU’S group. BYJU’S acquired the coaching company in 2021 in a deal valued at roughly $1 billion. In FY26, Aakash’s operating revenue was largely flat at ₹2,040.5 crore, while its net loss narrowed 15.5% to ₹186.5 crore.

The settlement removes a major rights-issue dispute but does not by itself resolve every question surrounding Aakash’s ownership or BYJU’S creditor recoveries. Aakash remains at the centre of several overlapping claims and negotiations, including separate proceedings involving founder Byju Raveendran’s claimed beneficial interest in certain Aakash shares. The next key development will be the final structure that emerges for Aakash once these wider creditor and ownership issues are resolved.