SC directs Aakash Educational Services not to implement AoA amendment plan

The Supreme Court on Friday stopped Aakash Educational Services from implementing a resolution seeking to amend its articles of association (AoA) that was passed at its extraordinary general meeting (EGM).

Articles of association outline the rules and regulations that govern a firm’s operations and define its purpose.

The proposed amendments allegedly sought to dilute the rights of minority shareholders, including Singapore VII Topco I Pte Ltd, owned by Blackstone, which holds a 6.97 per cent stake in Aakash. Blackstone had alleged that its rights and interests were being violated.