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Byju Raveendran holds EGM amid crisis, proposes setting up Board Advisory Committee
Money Control
·
2y ago
Medial
Byju Raveendran told shareholders that it will be forming a Board Advisory Committee (BAC) to provide advice and guidance to the CEO on matters pertaining to the composition of the board and the governance structure suitable for the company.
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Related News
7 Big Questions For BYJU’S Ahead Of The All-Important EGM
Inc42
·
1y ago
Medial
BYJU'S, the edtech giant, is facing an extraordinary general meeting (EGM) where shareholders are seeking changes in leadership and the board. The management, including CEO Byju Raveendran, is facing pressure from investors who have raised concerns about financial mismanagement, value erosion, unpaid dues, and breaches of obligations to shareholders. The EGM will determine if CEO Raveendran will be ousted and if a new board and management team will take over. Regardless of the outcome, this EGM could have significant implications for BYJU'S and the Indian startup ecosystem.
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Byju Raveendran, family won’t attend EGM called by investors
Thehindubusinessline
·
1y ago
Medial
Byju's founder Byju Raveendran and other board members will not attend the extraordinary general meeting (EGM) called by a group of investors seeking Raveendran's removal as CEO. Byju's claims that the EGM is invalid and in violation of the company's articles of association (AOA) and shareholder agreement. The Karnataka High Court has ordered that no resolutions from the EGM be implemented until the final hearing of Byju's plea. The edtech firm, facing financial difficulties, has fully subscribed to a $200 million rights issue, with founder Raveendran contributing around $45-$46 million. The Enforcement Directorate has requested a lookout circular against Raveendran.
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BYJU’S shareholders call for leadership change at EGM
Inshorts
·
1y ago
Medial
At BYJU'S' extraordinary general meeting (EGM), shareholders unanimously passed all resolutions, including calling for a change in the leadership as well as reconstitution of the Board. However, BYJU'S has asserted that the resolutions passed during the EGM are invalid and ineffective. Founder and CEO Byju Raveendran, Co-founder Divya Gokulnath, and his brother Riju Ravindran did not participate.
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[Live Updates] BYJU’S At War: Everything You Need To Know About Byju Raveendran’s Battle With Investors
Inc42
·
1y ago
Medial
The management of BYJU'S, an edtech giant, is facing a battle with its investors who are seeking to reconstitute its board and remove founder Byju Raveendran. The investors are calling for an extraordinary general meeting (EGM) to be held on February 23. BYJU's has taken the matter to the Karnataka High Court, but the EGM is expected to proceed. Raveendran has announced that the company's $200 million rights issue has been fully subscribed and has offered to restructure the board and add two non-executive directors. The court has issued an interim order stating that decisions made at the EGM will not be effective until at least March 13.
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Byju's Raveendran says will continue to remain CEO after EGM casts out founders
Livemint
·
1y ago
Medial
Byju Raveendran, the CEO of edtech company Byju's, has stated that he will remain in his position despite attempts by shareholders to oust him and revamp the board in an extraordinary general meeting (EGM). Raveendran dismissed rumors of his firing and declared that it is "business as usual" at Byju's. The EGM was deemed invalid by Byju's and only garnered support from 45% of shareholders. These developments come after the troubled edtech company announced a rights issue that will dilute the shareholding of non-participating investors. Raveendran has vowed to challenge these actions.
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"I continue to remain CEO, the claims made by them are completely wrong": Byju Raveendran on EGM results
IndianStartupNews
·
1y ago
Medial
Byju Raveendran, the CEO and founder of edtech company Byju's, has dismissed rumours of his firing in a letter to employees. This comes after more than 60% of shareholders voted in favor of removing Raveendran and his family from the company's board. Raveendran stated that the governance of the company is governed by established rules, which were violated during the recent extraordinary general meeting (EGM). He also questioned the claims made by investors, stating that the meeting received limited support. Byju's has deemed the EGM invalid due to procedural and legal issues.
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Byju Raveendran, his family won't attend 'invalid' EGM: BYJU'S
Inshorts
·
1y ago
Medial
BYJU'S said CEO Byju Raveendran, his wife Divya Gokulnath and brother Riju, who form the startup's board, won't attend the extraordinary general meeting on Friday. "This EGM is procedurally invalid...[and] legally on the wrong side of...Companies Act," BYJU'S stated. "This means the EGM...won't have the required quorum and cannot proceed to discuss or vote on the agenda," it added.
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BYJU’S At War: Here Are The Resolutions Passed By Investors At Extraordinary General Meeting
Inc42
·
1y ago
Medial
The extraordinary general meeting (EGM) of BYJU'S, chaired by Prosus representative Gunjan Shukla, saw the investor group comprising Prosus, PeakXV, General Atlantic, Sofina, Chan Zuckerberg Initiative, and Sands Capital vote to remove Byju Raveendran as CEO. However, BYJU'S stated that the EGM did not have the required quorum and any resolutions passed remain ineffective. The validity of the EGM and resolutions will now be determined by the NCLT and Karnataka High Court. The investor group aims to make changes to the board structure, appoint a forensic expert, remove Raveendran, and appoint an interim CEO. No immediate implications are expected.
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Business As Usual At BYJU’s, Co’s Comeback Inevitable Now: Byju Raveendran
Inc42
·
1y ago
Medial
BYJU'S CEO, Byju Raveendran, has reassured employees that it is business as usual at the edtech giant, following the recent extraordinary general meeting (EGM) held by investors. Raveendran stated that he remains the CEO and that the management and board remain unchanged, despite investors passing resolutions calling for his removal. He also mentioned the ongoing $200 million rights issue, which has received an overwhelming response. Raveendran stated that the company's comeback is now inevitable.
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Battle For BYJU’S: Byju Raveendran & Family To Skip EGM
Inc42
·
1y ago
Medial
BYJU'S founder and CEO, Byju Raveendran, and his family will not attend an extraordinary general meeting (EGM) called by the company's investors on February 23. The investors plan to oust Raveendran and take control of the company's board. BYJU'S stated that the EGM is invalid and in violation of their articles of association and shareholders' agreement, and that it would not have the required quorum to vote on the meeting's agenda. The company's investors are also considering legal action if the resolutions are not successful. BYJU'S has faced various controversies including layoffs and financial difficulties.
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