Stay updated with breaking news from Ranjan Pai Led. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The new appointment comes months after reports said that Aakash Chaudhry, the promoter of Aakash Educational Services won't be returning as CEO of the coaching company.
In April 2021, Byju’s acquired Aakash in a deal that had a 70 per cent cash component and 30 per cent equity component. The merger was planned as a part of the cash-and-stock deal, when Byju’s had acquired the brick-and-mortar test prep company for $940 million.
Byju's crisis: An arbitrator, appointed under Singapore International Arbitration Centre rules, has ordered Byju’s not to dispose of 4 million shares of Aakash, which amounted to a 6 per cent stake as per the loan agreement.
Arbitration proceedings were initiated by the MEMG Family Office in March to protect its rights, as per the undertaking given by Byju's at the time of securing the loan.
Sheares holds an 18 percent stake in Manipal Hospitals and also has exposure to Global Health, the listed operator of Medanta Hospitals