Injunction Denied as Rights Issue Does Not Automatically Dilute Shareholding: NCLAT

GLAS Trust Company LLC Vs Shailendra Ajmera (NCLAT Chennai) M/s Think and Learn Pvt. Ltd. (TLPL) held about 25.41% shareholding in M/s Akash Education Services Ltd. (Akash). TLPL was admitted to the Corporate Insolvency Resolution Process (CIRP) by an order dated 16.07.2024, and a Resolution Professional (RP) was appointed. The Committee of Creditors (CoC) of TLPL was principally constituted by GLAS Trust Company LLC, holding about 99.41% voting share. Akash proposed to convene an Extraordinary General Body Meeting (EGM) to increase its authorised share capital. Glas Trust apprehended that suc...