The Supreme Court has halted Aakash Educational Services' plan to amend its Articles of Association, following concerns from minority shareholders, including Singapore VII Topco, about potential dilution of their stake. This decision comes after the National Company Law Tribunal previously blocked the resolution, citing violations of shareholder rights. Aakash Institute has been directed to approach the National Company Law Appellate Tribunal within seven days.
The Supreme Court has issued notices to the Ministry of Finance regarding significant vacancies in Debt Recovery Tribunals (DRTs) across India. A PIL highlighted that nearly one-third of the 39 DRTs are non-functional due to the lack of Presiding Officers, which hampers the timely recovery of debts for banks and financial institutions. As of September 30, 2024, 11 DRTs remain without leadership, undermining the objectives of the Recovery of Dues to Banks and Financial Institutions Act of 1993.
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