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Time of India
an hour ago
- Business
- Time of India
Aakash moves NCLT to implead EY, alleges conflict in Byju's petition
BENGALURU: Aakash Educational Services Ltd (AESL) has filed an application before the National Company Law Tribunal (NCLT), Bengaluru, seeking to dismiss a petition filed by Byju's and calling for the impleadment of consultancy firm Ernst & Young (EY) and its partner Ajay Shah. AESL has alleged a conflict of interest, citing EY's past advisory roles in transactions now being challenged by the Resolution Professional (RP) of Think & Learn Pvt Ltd, Byju's parent entity. In its June 1 application, AESL claimed that EY and Shah had played a central role in financial, legal, and compliance-related matters for the company, including the structuring of non-convertible debentures (NCDs), their conversion to equity, and other board-level decisions. The same transactions are now under challenge by the RP, Shailendra Ajmera, who AESL alleges is also affiliated with EY. 'The RP has suppressed material facts and is acting in excess of his statutory powers under the Insolvency and Bankruptcy Code,' AESL said in its filing. It further alleged that Ajmera's position as RP is 'severely compromised' due to EY's historical involvement with multiple parties in the dispute, including AESL, Byju's, and Davidson Kempner. The impleadment plea includes internal communications between AESL and Shah, such as cash flow discussions, equity restructuring guidance, and audit-related representations. AESL claimed that Ajmera failed to disclose these associations and filed the petition without requisite approvals from Byju's Committee of Creditors or the NCLT. The filing comes days after Ajmera, in a letter dated May 28, wrote to the AESL board questioning the status and independence of its directors, particularly those aligned with Manipal Group, which acquired a significant stake in AESL last year through a debt-to-equity transaction. AESL has also stated it may escalate the matter to regulatory bodies including the Ministry of Corporate Affairs and the Insolvency and Bankruptcy Board of India. The tribunal is yet to decide on the maintainability of Byju's original petition. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hindustan Times
27-05-2025
- Politics
- Hindustan Times
Are you an international student in the US? These violations can cost you your visa immediately
On Tuesday, May 27, the US Embassy in India warned Indian or foreign students that if they are found skipping classes or dropping out of their courses, they might end up losing their student visas. 'If you drop out, skip classes, or leave your program of study without informing your school, your student visa may be revoked, and you may lose eligibility for future U.S. visas. Always adhere to the terms of your visa and maintain your student status to avoid any issues,' the official statement, shared on X, read. International students in the United States have been uncertain and anxious ever since US Immigration and Customs Enforcement (ICE) officials revoked the visa status of thousands of students recorded in the Student and Exchange Visitor Information System (SEVIS). At the peak of the revocation activity, almost 5,000 student records were affected, an ICEF Monitor report revealed. However, ICE went on to reverse its decision in late April after facing various legal challenges from students, universities and education bodies. ICE also restored the visa status of those who were impacted. However, US authorities have continued to use their legal powers to cancel student visa status and carry out deportations. Earlier, hundreds of international studentsstudying in the US received emails from the US Department of State (DOS), asking them to self-deport as their F-1 visas (student visas) had been revoked because of campus activism. Students who shared or liked 'anti-national' posts were also targeted. Amid the uncertainty faced by international students,Prashant Ajmera, immigration lawyer at Ajmera Law Group, explained that some immigration violations, which 'occur when a student breaches the terms of their visa,' can land them in trouble, according to Business Standard. These violations include: 'These violations can lead to termination of the SEVIS record, deportation, bans of three or ten years from returning to the US, and serious difficulties obtaining future visas,' Ajmera said. Ajmera also explained that some criminal violations involve breaking the US laws, and can even overlap with immigration violations. 'Underage drinking, drink driving, credit card fraud, shoplifting, or possession of prohibited items can all trigger criminal proceedings, visa revocation and removal from the US,' said Ajmera, adding that the US maintains interconnected databases that enforcement agencies can access, which lets them cross-check student data. Mamta Shekhawat, founder of said that it is a 'misconception that only crimes lead to visa revocation.' 'Students can lose visas for non-criminal issues such as not maintaining student status, breaching visa terms, providing false information or even questionable social media activity. We've seen cases where incomplete forms or small documentation errors caused delays, rejections and cancellations,' Shekhawat added. Kajal Dave, co-founder of LaunchEd, said, 'Minor documentation lapses that are corrected promptly won't usually lead to visa loss. Repeated or serious discrepancies, however, draw attention. Students must keep records updated and act fast if issues arise.' Peeyush Agarwal, co-founder and CEO of Invest4Edu, said that students often face trouble with their visa because of unauthorized work. 'Many students mistakenly take freelance or part-time work off-campus without approval from their Designated School Official or US Citizenship and Immigration Services. Failing to maintain a full course load or not informing the university about changes of address or school can also trigger loss of status,' he explained. 'The biggest issue is often not wilful wrongdoing but simply a lack of awareness,' added Agarwal. 'Students should speak regularly with their international student office and never assume something is allowed under their visa.' Ajmera advised students to remain calm if they face such problems in the US and are contacted by US authorities. 'Never resist or run from police, as that turns a small problem into a criminal offence. Ask for legal representation immediately,' he said.
Time of India
24-05-2025
- Business
- Time of India
Byju's app taken down from Google Play Store; payment disruption for services cited
Troubled edtech firm Byju's app has been taken down from the Google Play Store due to disruptions in payments for its services, according to sources familiar with the matter. However, other apps from the edtech company — including Byju's Exam Prep, which supports students preparing for competitive exams like Indian Administrative Service (IAS), Master of Business Administration (MBA), and University Grants Commission National Eligibility Test (UGC NET), and the Think and Learn Premium app — remain available on the platform. While Byju's website is still operational, several of its key services are facing technical issues. Features such as booking free sessions for students in classes four to nine and the Byju's Early Learn programme, designed for learners up to grade three, are currently showing server errors. Coaching operator Aakash Institute , a subsidiary of Byju's parent company Think & Learn, continues to operate as usual. Byju's and its resolution professional (RP), Shailendra Ajmera, did not respond to ET's request for comment. The company is currently managed by Ajmera, who took over as the new RP in February. Live Events The app and website-related disruption was first reported by Moneycontrol. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The edtech firm, which was once valued at $22 billion, is currently in the midst of insolvency proceedings that began last year after the Board of Control for Cricket in India (BCCI) moved the NCLT to recover Rs 158 crore that the company owed it for a sponsorship deal. Founder Byju Raveendran , who has been actively sharing his views on the company's situation and its ongoing legal battles through social media, recently outlined the next phase of Byju's 3.0. This new phase focuses on moving away from profit-centric strategies toward a more purpose-driven approach. He stressed that the focus would be on improving learning outcomes, particularly for students in the bottom quartile. Raveendran also admitted that taking the $1.2 billion term loan in 2021 was a mistake, particularly given the availability of equity options at the time. Currently, Glas Trust, which represents the US lenders who lent the $1.2 billion to Byju's, is pursuing a legal case against the edtech company in the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT). Glas Trust is also a part of the committee of creditors at Think & Learn.
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Business Standard
14-05-2025
- Business
- Business Standard
Ajmera Realty Q4 results: PAT falls 18% to ₹24 cr, revenue down 34%
Mumbai-based Ajmera Realty and Infra India on Wednesday announced an 18 per cent year-on-year (Y-o-Y) drop in consolidated profit after tax (PAT) for the March quarter (Q4FY25) to ₹24 crore, down from ₹29 crore in the same period last year. The company's revenue from operations also fell 34 per cent Y-o-Y to ₹154 crore, from ₹234 crore in Q4FY24. The decline in performance was attributed to weak sales value and collections during the quarter. Ajmera's sales value in Q4 fell 13 per cent Y-o-Y to ₹250 crore, while collections declined 8 per cent to ₹182 crore. Catch all Q4 results LIVE Updates The company's earnings before interest, tax, depreciation and amortisation (Ebitda) declined 33.4 per cent to ₹45.7 crore, down from ₹68.6 crore in the same period last year. For the full financial year 2024–25, Ajmera reported a 6 per cent Y-o-Y rise in revenue to ₹753 crore, compared to ₹708 crore in FY24. Its net profit also rose 22 per cent Y-o-Y to ₹126 crore in FY25. Commenting on the results, Dhaval Ajmera, director (operation and strategy) at Ajmera Realty, said FY25 had been a year of strong performance backed by operational excellence, financial discipline and sustained market demand. The company's debt also reduced 15 per cent to ₹662 crore in FY25, lowering the debt-to-equity ratio to 0.55x. 'Supported by healthy operating cash flow and successful equity raised, we strategically reduced debt by 15 per cent, thereby fortifying our balance sheet,' Ajmera said. He added that with nine high-potential projects lined up for launch, representing an estimated gross development value (GDV) of ₹6,460 crore, the company is well-positioned to accelerate growth and create enduring value for all stakeholders. On Wednesday, Ajmera Realty's shares declined marginally by 0.94 per cent to ₹805.45 apiece on the Bombay Stock Exchange (BSE).
Hans India
14-05-2025
- Business
- Hans India
Ajmera Realty's Q4 profit falls 12 pc, revenue declines 34.68 pc
Mumbai: Ajmera Realty and Infra India Limited on Wednesday reported a decline in its consolidated net profit as well as revenue for the fourth quarter of the financial year ending March 2025. The company's net profit fell by 12 per cent year-on-year (YoY) to Rs 25.3 crore in Q4, compared to Rs 28.8 crore in the same quarter last fiscal (Q4 FY24). Revenue also saw a sharp decline of approximately 34.68 per cent, coming in at Rs 151.39 crore, down from Rs 231.8 crore in Q4 FY24. Total income from operations also dropped 34.4 per cent to Rs 154 crore during the quarter. Ajmera's earnings before interest, taxes, depreciation and amortisation (EBITDA) declined 33.4 per cent to Rs 45.7 crore, as against Rs 68.6 crore in the year-ago quarter. However, EBITDA margins remained stable at 29.7 per cent, slightly higher than the 29.3 per cent reported in the same period last financial year. The board has recommended a final dividend of Rs 4.5 per equity share (on face value of Rs 10 each) for the financial year ended March 31. 'The dividend is subject to approval at the company's upcoming Annual General Meeting (AGM) and will be dispatched within 30 days after the AGM,' the company said in its regulatory filing. The shares of the company were down by Rs 4.85 or 0.6 per cent, closing at Rs 810 on the National Stock Exchange (NSE). Over the past one month, the stock has declined by Rs 29.70 or 3.54 per cent. In the last six months, it has fallen by Rs 74.05 or 8.38 per cent. On a year-to-date (YTD) basis, the shares have dropped by Rs 319.05 or 28.26 per cent. Dhaval Ajmera, Director-Operations and Strategy at Ajmera Realty, said that "FY25 was marked by strong fundamentals, operational discipline, and healthy demand".
