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Aakash Moves NCLT Against EY India
In the latest twist in the BYJU’S saga, Aakash Educational Services has now moved the NCLT against auditor EY India over allegations of conflict of interest and breach of professional conduct.
The Back Story: The legal battle goes back to the acquisition of Aakash by the edtech giant in 2021. The matter took a turn for the worse earlier this year when insolvency-ridden BYJU’S, via interim resolution professional Sanjay Ajmera, knocked on the NCLT’s doors to prevent a potential dilution of its stake in Aakash.
EY India’s Role In Question: Aakash has now alleged that EY India was acting on both sides — advising BYJU’S and Aakash at the same time. Aakash has called this a clear conflict of interest and accused the auditing firm of unethical behaviour. It has also demanded that EY India share all documents related to its work with Aakash, warning of a legal suit if it fails to do so.
Making its case, Aakash has also raised concerns about IRP Ajmera, claiming that his previous stint at EY India “severely undermined” his authority to act as a resolution professional of the edtech major.
With mounting troubles and financial stress, Aakash, much like BYJU’S, is in a limbo, as both parties get locked in a legal brawl.
From The Editor’s Desk
Capillary Technologies Gets Ready For IPO: The AI SaaS startup’s board approved a proposal to raise INR 2,250 Cr through an IPO. It plans to raise INR 500 Cr through the fresh issuance of shares, while the remaining would comprise an OFS component.
Paytm’s Singapore Foray: Paytm has announced the incorporation of Paytm Singapore. The new subsidiary will push expansion and distribution of Paytm’s merchant payments and financial services stack in the Southeast Asian nation.
Amazon India Rolls Out Marketplace Fee: The ecommerce giant has slapped a marketplace fee of INR 5, which will be levied on all orders, except specific product categories like gift cards and digital services. The fee is inclusive of all taxes and will apply to all users, including Amazon Prime members.
Moneyview Sets Stage For IPO: The fintech unicorn has obtained shareholders’ nod to convert to a public company. Moneyview is expected to raise about $400 Mn (around INR 3,420 Cr) through its stock market debut.
Caret Capital’s INR 400 Cr Fund: The sustainability-focused VC firm has marked the first close of its second fund at INR 165 Cr. Caret Capital plans to invest in 25 startups with INR 12 Cr to INR 15 Cr.
True Diamond Bags $3 Mn: The lab-grown diamond startup has raised fresh funds from India Quotient, Titan Capital and Huddle Ventures. True Diamond provides lab-grown diamond jewellery with a focus on sustainability and innovation.
BluSmart, Gensol Trouble: NCLT has issued notices to BluSmart and Gensol Engineering on insolvency petitions by creditors. The Ahmedabad bench of the tribunal has directed both BluSmart and Gensol to file their responses within a week.
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