Test preparatory firm Aakash Educational Services (AESL) has issued a legal notice to Ernst & Young (EY), accusing the audit and advisory firm of professional misconduct and conflict of interest over its involvement with both AESL and its rival, Allen Career Institute.
The notice alleges that EY was simultaneously engaged in sensitive financial advisory roles for AESL while acting as the “exclusive financial advisor and official result validator” for Allen.
AESL had already issued notice to Ajay Shah of EY and also impleaded him and other EY partners in the pending oppression and mismanagement petition filed by the resolution professional of BYJU’S parent, Think & Learn Pvt Ltd (TLPL), to respond to the allegations.
“AESL has now come to know that EY acted as an exclusive financial advisor and official result validator to a competitor, which is a matter of deep concern. AESL is examining the initiation of further civil and criminal proceedings against EY in this regard,” shared Sanjay Garg, Head-Legal of AESL, in a press note.
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According to the legal notice, EY’s involvement with AESL was not superficial but central to key business decisions and transactions, including the proposed merger with BYJU’S in April 2021 and the structuring and conversion of debentures into equity in January 2024.
AESL said it had requested transaction-related documentation from EY on several occasions in April and May 2025, but the firm failed to comply.
The notice named multiple EY officials, including Ajay Shah, Shailendra Ajmera, Riad Joseph, Dinkar Venkatasubramanian, Pulkit Gupta, and others. AESL has also asked EY to immediately cease its role in TLPL’s insolvency proceedings.
YourStory has reached out to EY for comments.
In May, AESL accused EY of conflict of interest and breach of professional conduct in its ongoing dispute involving BYJU’S. It also asked EY to disclose all documents, information, or communication it was privy to in relation to transactions involving AESL.
Edited by Kanishk Singh
