New Delhi, Nov. 28 -- Aakash Educational Services Limited (AESL) on Friday said it has put on hold the allotment of shares to Think & Learn Pvt Ltd (TLPL), citing compliance concerns over the Rs.25 crore that the Byju's parent company had deposited for its Rs.100 crore rights issue.

In a statement, AESL said that its board determined that the Rs.25 crore remitted by TLPL did not comply with Foreign Exchange Management Act (FEMA) rules, the Companies Act or the External Commercial Borrowings (ECB) guidelines.

The board of directors of Aakash Educational Services recently concluded Rs.100-crore rights issue where it approved share allotment to the Manipal Group and Beeaar Investco Pte. Ltd - with the companies contributing Rs.58 crore and...