Aakash Educational Services’ chief financial officer, Vipan Joshi, has resigned amid a broader wave of senior-level exits at the coaching centre operator, which is currently seeking funds to keep its operations running.
The move follows the exit of managing director and chief executive officer Deepak Mehrotra, who resigned in August after serving in the role for a little over a year since his appointment in April last year.
Mehrotra was succeeded by Chandra Sekhar Garisa Reddy on August 19. Prior to this, Reddy served as managing director at Claypond Capital, the family investment office of Ranjan Pai, whose Manipal Group holds about a 58% stake in Aakash.
Earlier, Joshi said in a LinkedIn post that after spending nearly a decade with the company, he is moving on to explore new opportunities. Prior to joining Aakash, he worked as assistant vice president - finance at Grofers, now known as Blinkit.
“Vipan Joshi spent a decade with AESL and has moved on as its CFO,” the company said in a statement.
In the test prep segment, Aakash competes with the likes of Bodhi Tree-backed Allen Career Institute, Physicswallah and Unacademy. Aakash hasn't filed its results since FY23. It had reported an 82% rise in total profit to Rs 79.5 crore for the financial year ended March 2022, while operating revenue during the period grew 45% to Rs 1,421 crore.
The company has been facing legal challenges. The Supreme Court on Monday rejected the appeals by US-based Glas Trust and Byju's parent company Think and Learn's resolution professional (RP), Shailendra Ajmera, against Aakash’s move to conduct a rights issue that would reduce the shareholding of Think and Learn from 25.75% to 6.125%.
Byju’s had acquired Aakash Institute for $950 million in 2021, and it is currently its most valuable asset, according to the lenders.
In the EGM held on October 29, the board approved a proposal to raise Aakash’s authorised share capital from around Rs 57.5 crore to Rs 297.5 crore, a key step before conducting a rights issue.
The Chennai bench of the National Company Law Appellate Tribunal (NCLAT) had last week rejected Glas Trust’s plea for a stay on Aakash’s EGM, saying that the bankruptcy law does not allow interference in a company’s business just because it is a subsidiary of another firm going through insolvency. The Bengaluru bench of NCLT, too, had earlier in October refused to stay the EGM.
The move follows the exit of managing director and chief executive officer Deepak Mehrotra, who resigned in August after serving in the role for a little over a year since his appointment in April last year.
Mehrotra was succeeded by Chandra Sekhar Garisa Reddy on August 19. Prior to this, Reddy served as managing director at Claypond Capital, the family investment office of Ranjan Pai, whose Manipal Group holds about a 58% stake in Aakash.
Earlier, Joshi said in a LinkedIn post that after spending nearly a decade with the company, he is moving on to explore new opportunities. Prior to joining Aakash, he worked as assistant vice president - finance at Grofers, now known as Blinkit.
“Vipan Joshi spent a decade with AESL and has moved on as its CFO,” the company said in a statement.
In the test prep segment, Aakash competes with the likes of Bodhi Tree-backed Allen Career Institute, Physicswallah and Unacademy. Aakash hasn't filed its results since FY23. It had reported an 82% rise in total profit to Rs 79.5 crore for the financial year ended March 2022, while operating revenue during the period grew 45% to Rs 1,421 crore.
The company has been facing legal challenges. The Supreme Court on Monday rejected the appeals by US-based Glas Trust and Byju's parent company Think and Learn's resolution professional (RP), Shailendra Ajmera, against Aakash’s move to conduct a rights issue that would reduce the shareholding of Think and Learn from 25.75% to 6.125%.
Byju’s had acquired Aakash Institute for $950 million in 2021, and it is currently its most valuable asset, according to the lenders.
In the EGM held on October 29, the board approved a proposal to raise Aakash’s authorised share capital from around Rs 57.5 crore to Rs 297.5 crore, a key step before conducting a rights issue.
The Chennai bench of the National Company Law Appellate Tribunal (NCLAT) had last week rejected Glas Trust’s plea for a stay on Aakash’s EGM, saying that the bankruptcy law does not allow interference in a company’s business just because it is a subsidiary of another firm going through insolvency. The Bengaluru bench of NCLT, too, had earlier in October refused to stay the EGM.