Byju's Parent Seeks SC Relief as Aakash Proceeds With 2nd Tranche of ₹240-Cr Rights Issue

Think & Learn Private Limited, the parent company of edtech major Byju's, has approached the Supreme Court against a recent order that allowed Aakash Educational Services to go ahead with part of its ₹240-crore fund-raising plan.

According to a report by LiveLaw, a Bench of Justices PS Narasimha and Alok Aradhe is scheduled to hear the civil appeal on Tuesday, February 17.

Think & Learn, which owns around 25.75% stake in Aakash, is currently undergoing insolvency proceedings. The insolvency process began after the National Company Law Tribunal (NCLT), Bengaluru Bench, admitted the company on July 16, 2024.

Meanwhile, Aakash proposed to raise ₹240 crore through a rights issue—a method where existing shareholders are given the option to buy additional shares. The fund-raise was structured in two parts; ₹100 crore in the first tranche and ₹140 crore in the second.

On October 28, 2025, the National Company Law Appellate Tribunal (NCLAT), Chennai Bench, allowed Aakash to proceed with the rights issue and directed Think & Learn to subscribe proportionately if it wanted to maintain its shareholding. Think & Learn participated in the first tranche and deposited the required amount.

However, Aakash did not allot shares to Think & Learn in the first tranche. The company cited concerns about possible violations of foreign exchange rules (FEMA) regarding the source of funds used by the resolution professional managing Think & Learn during insolvency.

Aakash approached the NCLT seeking directions to verify whether the funds were legitimate. While this issue was pending, Aakash issued a notice on January 8, 2026, announcing the second tranche of the rights issue.

Think & Learn argued that since shares from the first tranche were not allotted, its stake in Aakash was effectively reduced from 25.75% to 10.99%, weakening its voting power and affecting its ability to participate meaningfully in the second tranche.

Notably, on February 3, 2026, the NCLAT said the matter required deeper examination but refused to halt the second tranche of the fund-raise. However, it allowed Think & Learn to apply for shares up to its original 25.75% entitlement. The tribunal also directed Aakash not to take up any matter requiring a special resolution until the dispute is resolved.

Challenging this February 3 order of the NCLAT, Think & Learn has now moved the Supreme Court, seeking relief against the continuation of the second tranche of Aakash's ₹240-crore rights issue.