Overview

• AESL issued its second legal notice on July 5 accusing EY of professional misconduct for advising both AESL and rival Allen Career Institute.
• The notice demands that EY step down from all advisory and resolution roles in Byju’s insolvency process within seven days or face legal action.
• AESL’s filing cites whistleblower emails alleging EY colluded with GLAS Trust Co. LLC to orchestrate fraudulent insolvency proceedings.
• The company says EY refused to supply key documents on its role in AESL’s merger talks and debenture conversions despite repeated requests.
• AESL is weighing further civil and criminal proceedings as the dispute goes before the National Company Law Tribunal in Bengaluru.