New Delhi: The founders of Aakash Educational Services have reportedly been served legal papers by BYJU'S parent company, Think and Learn Pvt Ltd, for allegedly refusing to carry out a share swap that was unconditionally agreed upon as part of the sale of Aakash Educational Services Ltd (AESL).
Nearly USD 940 million was exchanged between BYJU'S and AESL in 2021, when BYJU'S purchased the 33-year-old brick-and-mortar coaching centre in a cash and stock agreement. After the transaction, TLPL held 43% and Byju Raveendran owned 27%. About 18% of AESL is held by founder Chaudhry's family, while 12% is held by Blackstone.
For the seller Chaudhrys, a merger between AESL and TLPL would have reduced their tax liability.—Inputs from Agencies
