THE DISPUTE BETWEEN Byju Raveendran and the Chaudhry family, the promoters of Aakash Educational Services (AESL), over the latter's refusal to swap their equity holding in the firm with Think & Learn (TLPL), the parent firm of Byju's, is headed for litigation.
Sources familiar with the developments told FE that TLPL has sent a legal notice to the Aakash promoters over their reluctance to complete the share swap. Sources close to Byju's maintain that the share swap was unconditionally agreed upon as part of the 100% sale of AESL in 2021. Any reneging on this front amounts to contractual violation, they said.
Sources close to Byju's also hinted that the rethinking by the Chaudhry family to complete the share swap could be because they will be liable to pay capital gains tax in the absence of an approval by the National Company Law Tribunal (NCLT) for a merger between TLPL and AESL
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