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Injunction Denied as Rights Issue Does Not Automatically Dilute Shareholding: NCLAT
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GLAS Trust Company LLC Vs Shailendra Ajmera (NCLAT Chennai)M/s Think and Learn Pvt.
The Committee of Creditors (CoC) of TLPL was principally constituted by GLAS Trust Company LLC, holding about 99.41% voting share.
After TLPL entered CIRP, Akash’s Board passed resolutions to amend its AoA, dropping provisions that granted TLPL control.
Subsequent to this event, on 21.10.2024, the Board of Akash passed a resolution for amending its Articles of Association.
On 06.12.2024, the NCLAT directed the parties to approach the NCLT to vacate the interim Order passed by it.