Edtech firm Aakash seeks RBI clarity on funding used in rights issue

Edtech firm Aakash had approached National Company Law Tribunal (NCLT) in the interest of all stakeholders, as it was unable to utilise the funds received from TLPL

In a significant development related to Aakash Educational Services Limited’s (AESL) ongoing rights issue, the National Company Law Tribunal (NCLT), Bengaluru, on Monday issued notice to the resolution professional (RP) of Think & Learn Pvt Ltd (TLPL) to file its reply to an application filed by AESL on the legality of the funds raised by TLPL for subscribing to the rights issue.

 

Dhyan Chinnappa, senior advocate appearing for AESL, submitted that “this was not an adversarial application and that AESL had approached the Tribunal in the interest of all stakeholders, as it was unable to utilise the funds received from