Aakash Instructional Providers Ltd. (AESL) chief monetary officer Vipan Joshi has resigned, marking yet one more senior-level exit on the test-preparation main, which is combating a money crunch and mounting authorized disputes.

Joshi, who joined Aakash in 2016 and have become CFO in 2022, introduced his departure on LinkedIn after almost a decade with the corporate. Earlier than becoming a member of Aakash, he labored with Vulcan Categorical, a subsidiary of Snapdeal, and with Grofers (now Blinkit). A professional chartered accountant, he had earlier served as assistant vice chairman of finance at Grofers.

His exit follows that of managing director and chief govt officer Deepak Mehrotra, who stepped down in August after simply over a 12 months within the function. Mehrotra was succeeded by Chandra Sekhar Garisa Reddy on August 19. Reddy beforehand served as managing director at Claypond Capital, the household workplace of Manipal Group chairman Ranjan Pai. The Manipal Group at present holds a couple of 58% stake in Aakash.

Aakash, which competes with Allen Profession Institute, PhysicsWallah, and Unacademy, has not filed its monetary statements since FY23. For FY22, the corporate reported an 82% rise in revenue to Rs 79.5 crore, with income rising 45% to Rs 1,421 crore.

The corporate is now seeking to increase funds via a rights challenge to maintain operations. The Supreme Court docket earlier this week rejected appeals by US-based Glas Belief and Byju’s dad or mum Suppose and Study’s decision skilled, Shailendra Ajmera, to halt the proposed challenge. The transfer is predicted to dilute Byju’s stake in Aakash from 25.75% to six.125%.

Byju’s, which acquired Aakash in 2021 for $950 million, has been present process insolvency proceedings. Lenders have recognized Aakash as its most beneficial asset.

At a rare common assembly held on October 29, Aakash shareholders permitted rising the corporate’s authorised share capital from about Rs 57.5 crore to Rs 297.5 crore, a key step forward of the rights challenge.

Each the Chennai bench of the Nationwide Firm Legislation Appellate Tribunal (NCLAT) and the Bengaluru bench of the Nationwide Firm Legislation Tribunal (NCLT) declined pleas to remain the EGM, observing that insolvency legal guidelines don’t allow interference in a subsidiary’s affairs solely as a result of its dad or mum is beneath chapter decision.