India, Nov. 28 -- Aakash Educational Services has put the share allotment of INR 25 Cr to Think & Learn Pvt Ltd (TLPL), the parent of bankrupt edtech unicorn BYJU'S, as part of its INR 100 Cr rights issue on hold, citing non-compliance with Foreign Exchange Management Act (FEMA) rules, the Companies Act, or the External Commercial Borrowings (ECB) guidelines.

Aakash, in a statement, said that its board approved the allotment of shares worth INR 58 Cr and INR 16 Cr to Manipal Group and Beeaar Investco Pte Ltd, respectively. The two investors participated in the rights issue in proportion to their shareholding in Aakash, which is 58.8% stake of Manipal and 16% of Beeaar Investco.

However, TLPL's INR 25 Cr subscription was suspended pendin...