Legal · Education & Skilling

BYJU'S and Aakash near settlement over shareholding dispute

By Startup Enthusiast · 24 June 2026

What they do

BYJU'S runs an online learning platform for students across India

Legal teams of Aakash Educational Services and IRP of Think & Learn (BYJU'S parent) near settlement over Aakash shareholding dispute

The dispute involves valuation and stake division among MEMG, BYJU'S creditors, and Byju Raveendran's family entities

Legal teams of Aakash Educational Services and the resolution professional of Think & Learn (BYJU'S parent) are nearing a settlement over a shareholding dispute.
The NCLT Bengaluru heard the case on 23 June 2026, where parties said settlement talks were close to completion and sought more time.
The next NCLT hearing is scheduled for 16 July 2026.
Parties can approach NCLT earlier if settlement terms are finalised before that date.
The dispute centres on the valuation and stake division of Aakash among its largest shareholder MEMG, Think & Learn creditors, and entities linked to Byju Raveendran and his family.
BYJU'S acquired Aakash in 2021 for nearly $1 billion.
BYJU'S raised a $1.2 billion Term Loan B from overseas lenders in 2021, which Byju Raveendran later called his biggest mistake.
Aakash did a rights issue in 2025 to raise ₹500 crore, which GLAS Trust and the resolution professional opposed, fearing dilution of BYJU'S remaining stake would reduce creditor recovery.

The settlement addresses three share blocks: MEMG's ~58% stake, Think & Learn's holding (now below 5%), and the stake held by Beeaar Investco (a Singapore entity linked to Byju Raveendran and family).
Lenders accused BYJU'S of transferring about $533 million from BYJU'S Alpha to hedge fund Camshaft Capital without approval.
The BCCI approached NCLT over unpaid sponsorship dues of about ₹158 crore from BYJU'S.
NCLT admitted insolvency proceedings against BYJU'S in July 2024, and the Supreme Court restored insolvency after a GLAS Trust challenge.
A Delaware court held Byju Raveendran liable for more than $1 billion in a case tied to alleged fund diversion from BYJU'S Alpha.

BYJU'S is an Indian edtech company that provides online learning platforms for students from kindergarten to competitive exams.
It offers video lessons, interactive quizzes, and personalised learning programs.
The company makes money through subscription fees for its app and coaching services.
BYJU'S acquired Aakash Educational Services in 2021 for nearly $1 billion to expand into test preparation.
BYJU'S had raised over $2 billion in total funding before its insolvency.

The next NCLT hearing is scheduled for 16 July 2026.
Parties can approach NCLT earlier if settlement terms are finalised before that date.

MEMG (Manipal Education and Medical Group) (shareholder) — Largest shareholder of Aakash Educational Services.
GLAS Trust (lenders' representative) — Represents overseas lenders who provided the $1.2 billion Term Loan B to BYJU'S.
Prosus (existing) — Major investor in BYJU'S whose representative stepped down from the board.
Peak XV (existing) — Major investor in BYJU'S whose representative stepped down from the board.
Chan Zuckerberg Initiative (existing) — Major investor in BYJU'S whose representative stepped down from the board.