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Exhibit 5.1

 

 

 

Our ref MCX/785272-000004/83909160v4

 

Aeries Technology, Inc.

PO Box 309, Ugland House

Grand Cayman, KY1-1104

Cayman Islands

 

5 August 2025

 

Aeries Technology, Inc.

 

We have acted as counsel as to Cayman Islands law to Aeries Technology, Inc. (the “Company”) in connection with the Post-Effective Amendment No.2 to the Company’s registration statement on Form S-1, including all amendments or supplements thereto, filed with the United States Securities and Exchange Commission (the “Commission”) under the United States Securities Act of 1933, as amended (the “Act”) (including its exhibits, the “Registration Statement”) for the purposes of, registering with the Commission under the Act:

 

(a) the issuance of up to 10,566,347 Class A ordinary shares upon exchange of shares of Aark Singapore Pte. Ltd. (“AARK”) or Aeries Technology Group Business Accelerators Private Limited (“ATG”) pursuant to the Exchange Agreements (as defined in Schedule 1) (the “Exchange Shares”) and resale of up to 31,903,347 Exchange Shares;

 

(b) the issuance of up to 11,499,991 Class A ordinary shares issuable upon the exercise of the redeemable warrants to purchase Class A ordinary shares (“the “Public Warrant Shares”) that were originally issued by Worldwide Webb Acquisition Corp. (“WWAC”) in connection with its initial public offering (the “WWAC IPO”) pursuant to the Warrant Agent Agreement (the “Public Warrants”);

 

(c) the issuance and resale of up to 9,527,810 Class A ordinary shares issuable upon the exercise of the redeemable warrants to purchase Class A ordinary shares (the “Sponsor Warrant Shares”) that were issued in a private placement to Worldwide Webb Acquisition Sponsor, LLC (the “Sponsor”) in connection with the WWAC IPO pursuant to the Sponsor Warrant Purchase Agreement (the “Sponsor Warrants” and together with the Public Warrants, the “Warrants”);

 

(d) the resale of up to 145,883 Class A ordinary shares originally issued to certain vendors and third parties in lieu of cash as consideration for expenses incurred in connection with the business combination by and among, inter alios, WWAC, WWAC Amalgamation Sub Pte. Ltd. and AARK pursuant to the Vendor Agreement (the “Vendor Resale Shares”);

 

 

 

 

 

 

(e) the resale of up to 1,475,000 Class A ordinary shares originally issued to the Sponsor in a private placement prior to the consummation of the WWAC IPO pursuant to the Sponsor Subscription Agreement (the “Sponsor Resale Shares”);

 

(f) the resale of up to 887,634 Class A ordinary shares originally purchased by certain anchor investors from the Sponsor prior to the consummation of the WWAC IPO pursuant to the Anchor Investor Purchase Agreement (the “Anchor Investor Resale Shares”);

 

(g) the resale of up to 3,711,667 Class A ordinary shares original issued to certain investors in a private placement pursuant to the Subscription Agreements (“the “Private Placement Resale Shares”);

 

(h) the resale of up to 5,638,530 Class A ordinary shares originally issued to Innovo Consultancy DMCC pursuant to the Business Combination Agreement (the “Innovo Resale Shares”); and

 

(i) the resale of up to 516,003 Class A ordinary shares originally issued to certain third parties who agreed not to redeem their securities in the WWAC IPO pursuant to the Non-Redemption Agreements (the “Non-Redemption Resale Shares” and together with the Exchange Shares, the Sponsor Warrant Shares, the Vendor Resale Shares, the Sponsor Resale Shares, the Anchor Investor Resale Shares, the Private Placement Resale Shares and the Innovo Resale Shares, the “Resale Shares” and together with the Warrants and the Public Warrant Shares, the “Shares”).

 

1 Documents Reviewed

 

We have reviewed originals, copies, drafts or conformed copies of the following documents:

 

1.1 The certificate of incorporation dated 8 March 2021, the certificate of change of name dated 8 November 2023 and the amended and restated memorandum and articles of association of the Company as registered or adopted 27 March 2025 (the “Memorandum and Articles”).

 

1.2 The written resolutions of the board of directors of WWAC dated 19 October 2021 (“October 2021 Resolutions”).

 

1.3 The written resolutions of the board of directors of the Company dated 6 November 2023 (“November 2023 Resolutions”) and 7 December 2023 (“December 2023 Resolutions” and together with the November 2023 Resolutions, the “Resolutions”) and the minutes (the “Minutes”) of the meeting of the board of directors of the Company held on 7 November 2023 (the “Meeting”).

 

1.4 The following corporate records of the Company maintained at its registered office in the Cayman Islands, each as at the date of this opinion letter:

 

(a) Register of Directors and Officers of the Company; and

 

(b) Register of Mortgages and Charges of the Company.

 

1.5 The register of members of the Company, copies of which have been provided to us by Continental Stock Transfer & Trust Company.

 

1.6 A certificate of good standing with respect to the Company issued by the Registrar of Companies (the “Certificate of Good Standing”).

 

1.7 A certificate from a director of the Company a copy of which is attached to this opinion letter (the “Director’s Certificate”).

 

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1.8 The Registration Statement.

 

1.9 The business combination agreement dated 11 March 2023 by and among WWAC, WWAC Amalgamation Sub Pte. Ltd. and AARK (the “Business Combination Agreement”);

 

1.10 The executed exchange agreement dated 6 November 2023 by and among the Company, WWAC and Venu Raman Kumar (the “AARK Exchange Agreement”);

 

1.11 The executed exchange agreement dated 6 November 2023 by and among WWAC, ATG and certain holders of the Company’s securities party thereto (together with the AARK Exchange Agreement, the “Exchange Agreements”);

 

1.12 The executed warrant agreement in respect of the Warrants dated 19 October 2021 by and among the Company and Continental Stock Transfer & Trust Company (the “Warrant Agent Agreement”);

 

1.13 The executed sponsor warrant purchase agreement in respect of the Sponsor Warrants dated 19 October 2021 by and among WWAC and the Sponsor (the “Sponsor Warrant Purchase Agreement” and together with the Warrant Agent Agreement, the “Warrant Agreements”);

 

1.14 The executed consultancy agreement dated 23 August 2022 by and among the Company and ICR, LLC (the “Vendor Agreement”);

 

1.15 The executed subscription agreement in respect of the Sponsor Resale Shares dated 5 March 2021 by and among WWAC and the Sponsor (the “Sponsor Subscription Agreement”);

 

1.16 The executed investment agreements in respect of the Anchor Investor Resale Shares dated on or around 23 September 2021 and 30 September 2021 by and among the Sponsor and the anchor investors party thereto (the “Anchor Investor Purchase Agreement”);

 

1.17 The executed subscription agreements in respect of the Private Placement Resale Shares dated on and around 1 June 2023, 5 November 2023 and 6 November 2023 (the “Subscription Agreements”); and

 

1.18 The executed non-redemption agreements in respect of the Non-Redemption Resale Shares dated 31 March 2023, 3 November 2023, and 5 November 2023 by and among WWAC and the non-redeeming investors party thereto (the “Non-Redemption Agreements”).

 

The documents listed in paragraphs 1.6 to 1.18 inclusive above shall be referred to collectively herein as the “Documents”.

 

2 Assumptions

 

The following opinions are given only as to, and based on, circumstances and matters of fact existing and known to us on the date of this opinion letter. These opinions only relate to the laws of the Cayman Islands which are in force on the date of this opinion letter. In giving the following opinions, we have relied (without further verification) upon the completeness and accuracy, as at the date of this opinion letter, of the Director’s Certificate and the Certificate of Good Standing. We have also relied upon the following assumptions, which we have not independently verified:

 

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2.1 The Documents have been or will be authorised and duly executed and unconditionally delivered by or on behalf of all relevant parties in accordance with all relevant laws (other than, with respect to the Company, the laws of the Cayman Islands).

 

2.2 The Documents are, or will be, legal, valid, binding and enforceable against all relevant parties in accordance with their terms under the laws of the State of New York (or in the case of the Vendor Agreement, the laws of the State of Connecticut, or in the case of certain of the Redemption Agreements, the laws of the State of Delaware) (the “Relevant Law”) and all other relevant laws (other than, with respect to the Company, the laws of the Cayman Islands).

 

2.3 The choice of the Relevant Law as the governing law of the Documents has been made in good faith and would be regarded as a valid and binding selection which will be upheld by the courts of the State of New York and any other relevant jurisdiction (other than the Cayman Islands) as a matter of the Relevant Law and all other relevant laws (other than the laws of the Cayman Islands).

 

2.4 Copies of documents, conformed copies or drafts of documents provided to us are true and complete copies of, or in the final forms of, the originals.

 

2.5 All signatures, initials and seals are genuine.

 

2.6 The capacity, power, authority and legal right of all parties under all relevant laws and regulations (other than, with respect to the Company, the laws and regulations of the Cayman Islands) to enter into, execute, unconditionally deliver and perform their respective obligations under the Documents.

 

2.7 No invitation has been or will be made by or on behalf of the Company to the public in the Cayman Islands to subscribe for any of the Shares.

 

2.8 No monies paid to or for the account of any party under the Documents or any property received or disposed of by any party to the Documents in each case in connection with the Documents or the consummation of the transactions contemplated thereby represent or will represent proceeds of criminal conduct or criminal property or terrorist property (as defined in the Proceeds of Crime Act (As Revised) and the Terrorism Act (As Revised), respectively).

 

2.9 There is nothing contained in the minute book or corporate records of the Company (which, other than the records set out in paragraph 1.3 of this opinion letter, we have not inspected) which would or might affect the opinions set out below.

 

2.10 There is nothing under any law (other than the laws of the Cayman Islands) which would or might affect the opinions set out below. Specifically, we have made no independent investigation of the Relevant Law.

 

2.11 The Company will receive money or money’s worth in consideration for the issue of the Shares and none of the Shares were or will be issued for less than par value.

 

Save as aforesaid we have not been instructed to undertake and have not undertaken any further enquiry or due diligence in relation to the transaction the subject of this opinion letter.

 

3 Opinions

 

Based upon, and subject to, the foregoing assumptions and the qualifications set out below, and having regard to such legal considerations as we deem relevant, we are of the opinion that:

 

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3.1 The Company has been duly incorporated as an exempted company with limited liability and is validly existing and in good standing with the Registrar of Companies under the laws of the Cayman Islands.

 

3.2 The Exchange Shares to be offered and issued by the Company as contemplated by the Registration Statement have been duly authorised for issue, and when issued by the Company against payment in full of the consideration as set out in the Registration Statement and in accordance with the terms set out in the Registration Statement and the Exchange Agreements, such Exchange Shares will be validly issued, fully paid and non-assessable. As a matter of Cayman Islands law, a share is only issued when it has been entered in the register of members (shareholders).

 

3.3 The Warrant Shares to be offered and issued by the Company as contemplated by Warrants Agreements have been duly authorised for issue, and when issued by the Company against payment in full of the consideration as set out in the Warrant Agreements and in accordance with the terms set out in the Warrant Agreements, such Warrants Shares will be validly issued, fully paid and non-assessable. As a matter of Cayman Islands law, a share is only issued when it has been entered in the register of members (shareholders).

 

3.4 The Resale Shares have been duly authorised for issue, validly issued, fully paid and non-assessable.

 

4 Qualifications

 

The opinions expressed above are subject to the following qualifications:

 

4.1 The obligations assumed by the Company under the Documents will not necessarily be enforceable in all circumstances in accordance with their terms. In particular:

 

(a) enforcement may be limited by bankruptcy, insolvency, liquidation, reorganisation, readjustment of debts or moratorium or other laws of general application relating to protecting or affecting the rights of creditors and/or contributories;

 

(b) enforcement may be limited by general principles of equity. For example, equitable remedies such as specific performance may not be available, inter alia, where damages are considered to be an adequate remedy;

 

(c) where obligations are to be performed in a jurisdiction outside the Cayman Islands, they may not be enforceable in the Cayman Islands to the extent that performance would be illegal under the laws of that jurisdiction; and

 

(d) some claims may become barred under relevant statutes of limitation or may be or become subject to defences of set off, counterclaim, estoppel and similar defences.

 

4.2 To maintain the Company in good standing with the Registrar of Companies under the laws of the Cayman Islands, annual filing fees must be paid and returns made to the Registrar of Companies within the time frame prescribed by law.

 

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4.3 Under Cayman Islands law, the register of members (shareholders) is prima facie evidence of title to shares and this register would not record a third party interest in such shares. However, there are certain limited circumstances where an application may be made to a Cayman Islands court for a determination on whether the register of members reflects the correct legal position. Further, the Cayman Islands court has the power to order that the register of members maintained by a company should be rectified where it considers that the register of members does not reflect the correct legal position. As far as we are aware, such applications are rarely made in the Cayman Islands and for the purposes of the opinion given in paragraphs 3.2 and 3.3, there are no circumstances or matters of fact known to us on the date of this opinion letter which would properly form the basis for an application for an order for rectification of the register of members of the Company, but if such an application were made in respect of the Exchange Shares or the Warrant Shares, then the validity of such shares may be subject to re-examination by a Cayman Islands court.

 

4.4 In this opinion letter the phrase “non-assessable” means, with respect to the issuance of shares, that a shareholder shall not, in respect of the relevant shares and in the absence of a contractual arrangement, or an obligation pursuant to the memorandum and articles of association, to the contrary, have any obligation to make further contributions to the Company’s assets (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

 

We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement and to the references to our firm under the headings “Legal Matters”, “Shareholders’ Suits” and “Enforcement of Civil Liabilities” in the prospectus included in the Registration Statement. In providing our consent, we do not thereby admit that we are in the category of persons whose consent is required under section 7 of the Act or the Rules and Regulations of the Commission thereunder.

 

We express no view as to the commercial terms of the Documents or whether such terms represent the intentions of the parties and make no comment with regard to warranties or representations that may be made by the Company.

 

The opinions in this opinion letter are strictly limited to the matters contained in the opinions section above and do not extend to any other matters. We have not been asked to review and we therefore have not reviewed any of the ancillary documents relating to the Documents and express no opinion or observation upon the terms of any such document.

 

This opinion letter is addressed to you and may be relied upon by you, your counsel and purchasers of securities pursuant to the Registration Statement. This opinion letter is limited to the matters detailed herein and is not to be read as an opinion with respect to any other matter.

 

Yours faithfully

 

/s/ Maples and Calder (Cayman) LLP

 

Maples and Calder (Cayman) LLP

 

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Aeries Technology, Inc.

PO Box 309, Ugland House

Grand Cayman

KY1-1104

Cayman Islands

 

To: Maples and Calder (Cayman) LLP

PO Box 309, Ugland House

Grand Cayman

KY1-1104

Cayman Islands

 

5 August 2025

 

Aeries Technology, Inc. (the “Company”)

 

I, the undersigned, being a director of the Company, am aware that you are being asked to provide an opinion letter (the “Opinion”) in relation to certain aspects of Cayman Islands law. Unless otherwise defined herein, capitalised terms used in this certificate have the respective meanings given to them in the Opinion. I hereby certify that:

 

1 The Memorandum and Articles remain in full force and effect and are unamended.

 

2 The Company has not entered into any mortgages or charges over its property or assets other than those entered in the register of mortgages and charges of the Company.

 

3 The Resolutions were duly passed in the manner prescribed in the Memorandum and Articles (including, without limitation, with respect to the disclosure of interests (if any) by directors of the Company) and have not been amended, varied or revoked in any respect.

 

4 The Minutes are a true and correct record of the proceedings of the Meeting, which was duly convened and held, and at which a quorum was present throughout, in each case, in the manner prescribed in the Memorandum and Articles. The resolutions set out in the Minutes were duly passed in the manner prescribed in the Memorandum and Articles (including, without limitation, with respect to the disclosure of interests (if any) by directors of the Company) and have not been amended, varied or revoked in any respect.

 

5 The authorised share capital of the Company is US$50,500.0001 divided into 500,000,000 Class A ordinary shares of a par value of US$0.0001 each, 1 Class V ordinary share of a par value of US$0.0001 and 5,000,000 preference shares of a par value of US$0.0001 each. As at the date of this certificate, the issued share capital of the Company is 47,152,626 Class A ordinary shares, $0.0001 par value and 1 Class V ordinary share, $0.0001 par value, which have been duly authorised and are validly issued as fully-paid and non-assessable.

 

6 The shareholders of the Company (the “Shareholders”) have not restricted the powers of the directors of the Company in any way.

 

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7 The directors of WWAC at the date of the October 2021 Resolutions were Daniel S. Webb, Tony M. Pearce and Terry V. Pearce.

 

8 The directors of the Company at the date of the November 2023 Resolutions and the December 2023 Resolutions were Daniel S. Webb, Biswajit Dasgupta, Alok Kochhar, Venu Raman Kumar, Sudhir Appukuttan Panikassery, Nina B. Shapiro and Ramesh Venkataraman.

 

9 The directors of the Company at the date of the Minutes are as follows: Biswajit Dasgupta, Daniel S. Webb, Alok Kochhar, Venu Raman Kumar, Sudhir Appukuttan Panikassery, Nina B. Shapiro and Ramesh Venkataraman.

 

10 The directors of the Company as of the date of this certificate are as follows: Biswajit Dasgupta, Alok Kochhar, Venu Raman Kumar, Sudhir Appukuttan Panikassery and Nina B. Shapiro.

 

11 The minute book and corporate records of the Company as maintained at its registered office in the Cayman Islands and made available to you are complete and accurate in all material respects, and all minutes and resolutions filed therein represent a complete and accurate record of all meetings of the Shareholders and directors (or any committee thereof) of the Company (duly convened in accordance with the Memorandum and Articles) and all resolutions passed at the meetings or passed by written resolution or consent, as the case may be.

 

12 Prior to, at the time of, and immediately following the approval of the transactions contemplated by the Registration Statement and the Documents, the Company was, or will be, able to pay its debts as they fell, or fall, due and has entered, or will enter, into the transactions contemplated by the Registration Statement and the Documents for proper value and not with an intention to defraud or wilfully defeat an obligation owed to any creditor or with a view to giving a creditor a preference.

 

13 Each director of the Company considers the transactions contemplated by the Registration Statement and the Documents to be of commercial benefit to the Company and has acted in good faith in the best interests of the Company, and for a proper purpose of the Company, in relation to the transactions which are the subject of the Opinion.

 

14 To the best of my knowledge and belief, having made due inquiry, the Company is not the subject of legal, arbitral, administrative or other proceedings in any jurisdiction and neither the directors nor Shareholders have taken any steps to have the Company struck off or placed in liquidation. Further, no steps have been taken to wind up the Company or to appoint restructuring officers or interim restructuring officers, and no step has been taken to appoint a receiver in relation to any of the Company’s property or assets.

 

15 To the best of my knowledge and belief, having made due inquiry, there are no circumstances or matters of fact existing which may properly form the basis for an application for an order for rectification of the register of members of the Company.

 

16 The Registration Statement has been, or will be, authorised and duly executed and delivered by or on behalf of all relevant parties in accordance with all relevant laws.

 

17 No invitation has been made or will be made by or on behalf of the Company to the public in the Cayman Islands to subscribe for any of the Shares.

 

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18 The Shares to be issued pursuant to the Registration Statement and the Documents have been, or will be, duly registered, and will continue to be registered, in the Company’s register of members (shareholders).

 

19 The Company is not a central bank, monetary authority or other sovereign entity of any state and is not a subsidiary, direct or indirect, of any sovereign entity or state.

 

20 There is no contractual or other prohibition or restriction (other than as arising under Cayman Islands law) binding on the Company prohibiting or restricting it from entering into and performing its obligations under the Documents.

 

 

(Signature Page follows)

 

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I confirm that you may continue to rely on this certificate as being true and correct on the day that you issue the Opinion unless I shall have previously notified you in writing personally to the contrary.

 

Signature:  /s/ Bhisham (Ajay) Khare  
Name: Bhisham (Ajay) Khare  
Title: Director  

 

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