Manipal Group through its affiliates, Manipal Health Systems and Manipal Education and Medical Group India (MEMG), will acquire stakes Aakash Educational Services.
The statement came as part of Aakash’s plea challenging the NCLT order that halted the company’s attempt to amend the AoA, the move opposed by investor Singapore Topco.
Byju's United States based have filed a plea to prevent the troubled edtech firm from pledging, selling or transferring its shares
Chaudhry family, the promoter family of Aakash, which holds about 18 percent of the company's shares, will continue to hold around 8.5 percent in the tutoring unit and receive about 1 percent of Think & Learn Pvt.'s shares at less than half of its previous $22 billion valuation, post-transaction.
The panel is likely to select the new CEO and CFO soon, and will conduct scheduled meetings to ensure the smooth operation of Aakash Education Services.
Tiwari, an educator with over 18 years of experience, was with Byju's-owned Aakash for more than 13 years, serving as its National Academic Director
Lenders to one of India’s hottest tech startups, Byju’s, created bogus default claims tied to a $1.2 billion loan as part of a scheme to gain control of the education-technology provider, the firm’s lawyer told a judge.
The company is further seeking another $200 million (Rs 1,600 crore) in Aakash as a part of the funding round where sovereign wealth funds are expected to come on board.