Bengaluru, Dec. 11 -- In the latest twist in the unravelling saga of e-learning platform Byju's, it has emerged that a UAE-businesswoman, who was earlier named in a Delaware case against promoter Byju Raveendran and his flagship business, has stepped in his place subscribing to a Rs.250-crore rights issue of associate company Aakash Educational Services Ltd (AESL).

Raveendran, a feted education entrepreneur until a few years ago, is battling insolvency proceedings in his flagship Think & Learn Pvt. Ltd, or TLPL, which owned the now-defunct Byju's platform and app. But, through a Singapore investment vehicle, he still owns 16% in AESL, a company that TLPL had acquired for around $1 billion in 2021-and that one-sixth stake is at the centre...