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Aakash Alleges FEMA, ECB Violation By Byjus' Lenders; Puts On Hold Right Issue
Aakash Alleges FEMA, ECB Violation By Byjus' Lenders; Puts On Hold Right Issue Worth Rs 25 Cr
AESL recently concluded its Rs 100-crore rights issue, approving share allotments to the Manipal Group and Beeaar Investco Pte. Ltd., which contributed Rs 58 crore and Rs 16 crore, proportional to their shareholdings of 58.8% and 16%, respectively.
Aakash Educational Services Limited (AESL) has put on hold the allotment of shares to Think & Learn Pvt Ltd (TLPL), the parent company of BYJU'S, after raising serious concerns over alleged violations of FEMA, ECB guidelines, and the Companies Act in the company's attempt to participate in its recent rights issue. According to Times Now report, US lenders to Byju's Alpha and Glass trust are under scrutiny for the transactions. Byjus promoter had already raised red flags over this on the NCLT court earlier.
AESL recently concluded its Rs 100-crore rights issue, approving share allotments to the Manipal Group and Beeaar Investco Pte. Ltd., which contributed Rs 58 crore and Rs 16 crore, proportional to their shareholdings of 58.8% and 16%, respectively. However, the board withheld the Rs 25 crore deposited by TLPL - submitted through its Resolution Professional (RP) - citing multiple compliance red flags.
According to AESL, creditors Glass Trust and Byju's Alpha had opposed the fundraising effort from the start. After failing to block the rights issue before the NCLT, NCLAT, and Supreme Court, the lenders reportedly attempted to join the funding round - a move that has now triggered scrutiny from agencies for suspected regulatory violations, said the AESL.
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“TLPL, the parent company of BYJU'S, is currently undergoing a Corporate Insolvency Resolution Process (CIRP). The RP had already challenged the rights issue before multiple forums. Yet, TLPL attempted to subscribe by depositing Rs 25 crore,” AESL said in a statement.
AESL sought independent legal opinions, including from a former Supreme Court justice and a retired RBI general manager. According to the AESL, both concluded that the debenture issuance used by TLPL to raise the money did not comply with FEMA, the External Commercial Borrowing (ECB) guidelines, or the Companies Act. "A senior advocate also affirmed that the structure of the investment violated the Master Direction on Foreign Investment in India. As a result, the entire transaction has come under the radar of investigative and regulatory agencies," said the AESL.
Sanjay Garg, Head-Legal at AESL, noted, “The money received by TLPL is in the nature of a loan under the ECB framework and cannot be used for acquiring equity in Aakash. Allowing such a subscription could expose AESL to regulatory action.”
The Supreme Court had earlier dismissed the appeals filed by US-based Glass Trust Co. LLC and TLPL's RP, Shailendra Ajmera, against Aakash's rights issue, which would dilute TLPL's stake from 25.75% to 6.125%, said reports. Adding to the complications, former TLPL promoter Riju Ravindran filed an application before the NCLT, alleging that TLPL raised Rs 25 crore for the rights issue by issuing Rs 100 crore of debentures structured in a way that may violate FEMA and ECB norms. The tribunal is currently examining these allegations.
Source: ZeeNews
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