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Aakash Seeks to Dismiss Byju’s NCLT Petition, Seeks to Implead EY Over Conflict Claims

AESL argues that EY’s concurrent advisory work for both parties undermines the impartiality of Byju’s resolution professional.

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Overview

  • On June 1, Aakash Educational Services filed an application at NCLT Bengaluru to dismiss Think & Learn’s oppression and mismanagement petition and to add Ernst & Young LLP and partner Ajay Shah as respondents.
  • AESL alleges EY advised on pivotal transactions from 2021 to 2024—including non-convertible debenture issuances, equity conversions and board decisions—for both AESL and Byju’s.
  • The petition cites internal emails and advisory documents to claim that RP Shailendra Ajmera, an EY senior, failed to disclose his firm’s ties and acted beyond his statutory powers under the Insolvency and Bankruptcy Code.
  • EY has denied all conflict-of-interest allegations and stated it will vigorously defend any legal action stemming from the impleadment application.
  • A hearing on the maintainability of Byju’s original petition is set for June 6, and AESL has warned it may take the matter to the Ministry of Corporate Affairs and the Insolvency and Bankruptcy Board of India.