The long-running Byju’s Aakash deal has reached a decisive phase, with settlement talks between Manipal Education and Medical Group and GLAS Trust (representing Byju’s US lenders) entering the final stretch.
The advanced negotiations aim to resolve the highly contentious shareholding dispute over Aakash Educational Services, widely considered the last crown jewel and most valuable remaining asset of the collapsed edtech empire.
The timing is critical, as both parties are rushing to finalize documentation ahead of a high-stakes National Company Law Tribunal (NCLT) hearing in Bengaluru. At the previous June 3 hearing, Aakash’s counsel informed the bench that a standstill agreement was being ironed out, prompting the tribunal to adjourn the matter.
What is at Stake in the Settlement?
The legal stalemate centers on a complex three-way battle over how Aakash’s ultimate corporate value is carved up among Manipal (led by billionaire white knight Ranjan Pai), Think & Learn’s bankrupt estate, and entities tied directly to founder Byju Raveendran.
The negotiations are hammering out resolutions for three specific blocks of Aakash shares:
- The Dilution Dispute: Byju’s parent company, Think & Learn (currently undergoing corporate insolvency), originally held a 25.75% stake in Aakash. However, Aakash launched a ₹240 crore rights issue to shore up capital, a move that threatened to dilute Byju’s holding to under 5%. GLAS Trust and Byju’s court-appointed Resolution Professional (RP) fiercely opposed this, arguing it would destroy creditor recovery value.
- The Withheld ₹25 Crore: While the Supreme Court ultimately allowed the rights issue to proceed, Aakash placed Think & Learn’s ₹25 crore subscription on hold, citing concerns over foreign exchange compliance (FEMA) and the exact source of the insolvency-bound parent’s funds.
- The Raveendran Block: A separate chunk of roughly 1.78 crore Aakash shares is held via Beeaar Investco—a Singapore entity tied to Byju Raveendran. This block is heavily entangled in international claims by the Qatar Investment Authority (QIA).
Current Shareholding Baseline
Going into the final leg of the settlement, the power dynamics within the test-prep subsidiary look radically different from when Byju’s acquired it for nearly $1 billion in 2021:
| Shareholder / Entity | Status / Stake Profile |
| Manipal Group (Ranjan Pai) | ~58% Stake (The largest controlling shareholder following heavy equity conversions) |
| Think & Learn (Byju’s Parent) | 25.75% Stake (Ring-fenced by a Supreme Court undertaking until final NCLAT adjudication) |
| Beeaar Investco (Raveendran-linked) | Subject to separate asset-disclosure disputes and QIA court claims |
The Road Ahead
If the legal teams successfully align on the final terms, the structured settlement blueprint will be placed directly before the NCLT bench. If the complex multi-party documentation hits a snag, the parties are expected to request a brief extension from the tribunal.
For the broader edtech ecosystem, a successful deal would finally slice the operating business of Aakash away from the chaotic bankruptcy proceedings and international civil contempt battles surrounding its former parent company, giving the coaching network a clean slate to focus on its 3.5 lakh students. Readers tracking the wider funding and IPO churn in Indian tech can also follow our coverage of how Jio plans to repay $3 billion in debt from IPO funds.
Frequently Asked Questions
What is the Byju’s Aakash deal about?
The Byju’s Aakash deal refers to the settlement negotiations over the ownership of Aakash Educational Services, the test-prep company Byju’s acquired for nearly $1 billion in 2021. With Byju’s parent Think & Learn now in insolvency, Manipal Group and GLAS Trust (acting for US lenders) are trying to resolve how Aakash’s shares and value are divided.
Who controls Aakash now?
Following heavy equity conversions, Manipal Group led by Ranjan Pai is the largest controlling shareholder with a roughly 58% stake. Think & Learn, Byju’s parent, retains a 25.75% holding that is ring-fenced by a Supreme Court undertaking, while a separate block linked to founder Byju Raveendran sits under dispute.
Why is the NCLT hearing important for the deal?
Both sides are racing to finalise documentation ahead of an NCLT hearing in Bengaluru. If the legal teams agree on final terms, the structured settlement will be placed before the tribunal; if the multi-party paperwork hits a snag, the parties are expected to seek a brief extension. A clean resolution would separate Aakash’s operating business from the bankruptcy proceedings around its former parent.
