The investors have red-flagged the acquisition of Aakash Educational Services Ltd (AESL) saying Byju s agreed to “onerous” and “prejudicial” loan terms with Davidson Kempner (DK), among other matters.
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Earlier it was reported that founder Byju Raveendran, his wife, Divya Gokulnath and brother Riju Raveendran, have reportedly decided to skip the Friday EGM, which has been called to oust the top management.
The lenders of Byjus $1.2 billion term loan had moved the city court last Thursday seeking an ex-parte injunction on the transaction allowing Ranjan Pai to convert a loan of about $250-$300 million he had advanced to the brick-and-mortar coaching network into equity in Aakash Institute. Thursdays legal challenge by the TLB lenders caught both Byjus and Pai “by surprise”.