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3w ago

Aakash Accuses EY of Conflict of Interest in BYJU'S Governance Dispute

AESL and Manipal Group demand EY disclose records and withdraw from advisory roles, as the auditor refutes allegations of unethical dual advisory.

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Overview

  • Aakash Educational Services (AESL) has formally accused EY of unethical conflict of interest for advising both BYJU'S and AESL during their contentious legal and governance disputes.
  • AESL and its majority stakeholder, the Manipal Group, have demanded EY disclose all communications and documents related to their advisory roles and cease involvement in the insolvency resolution process.
  • CrestLaw Partners, representing Manipal Group, flagged EY’s advisory roles in tax, regulatory, and accounting matters tied to AESL as a breach of professional conduct.
  • EY has publicly denied all allegations, emphasizing its commitment to client confidentiality and ethical standards, while declining to comment further.
  • The dispute stems from governance and shareholder conflicts following BYJU'S failed acquisition of AESL, with Manipal Group now holding a controlling stake after converting debt into equity.