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Byju Raveendran Vs Investors: Who Will Emerge Victorious In The Battle Royale At BYJU’S?
Inc42
·
1y ago
Medial
Indian edtech giant BYJU'S is facing uncertainty as key investors, including Prosus and General Atlantic, contemplate legal action and an extraordinary general meeting to challenge the company's CEO and co-founder, Byju Raveendran. Investors have been demanding a third-party audit of the company's financials for the past two years, citing issues such as opacity in operations and delays in sharing financial statements. The EGM, scheduled for 25 February, could determine the future of BYJU'S, which recently received a $300m commitment in an ongoing rights issue. Prosus is reportedly demanding Raveendran's removal before deciding to participate in the rights issue.
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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 VS Investors: Karnataka HC extends stay on resolution passed at Byju's EGM till March 28
IndianStartupNews
·
1y ago
Medial
Karnataka High Court has extended the interim protection for Byju Raveendran, CEO of Byju's, against resolutions passed during an extraordinary general meeting (EGM). The court's decision delays the potential ousting of Raveendran and his family members until March 28. This comes amidst a legal battle with investors, who have accused Byju's of obtaining the interim order fraudulently. Both sides have made allegations against each other, prompting the court to instruct Byju's to formally document the accusations. Additionally, the National Company Law Tribunal is hearing cases against Byju's, including an insolvency plea by the BCCI.
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BYJU’S Arranges Line Of Credit To Pay March Salaries
Inc42
·
1y ago
Medial
Edtech startup BYJU'S has started disbursing salaries for March, after a delay caused by a cash crunch. The startup blamed "foreign investors" for hindering access to funds from its $200m rights issue. BYJU’S is currently in a legal battle with certain investors who are seeking to block the rights issue and remove founder and CEO Byju Raveendran. The National Company Law Tribunal has barred the company from accessing the rights issue proceeds. BYJU'S also mentioned in an internal email that it had arranged an alternative line of credit to ensure timely payments.
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Byju’s investors seek shareholder details before pivotal EGM
The Arc Web
·
1y ago
Medial
Byju Raveendran, the owner of Byju's, has won a battle as the National Company Law Tribunal (NCLT) rejected the request to delay an extraordinary general meeting (EGM). The EGM, set for March 29, aims to get approval for a $200 million capital raise at a significant valuation cut for Byju's. However, major investors, including Prosus and General Atlantic, asked for the EGM to be postponed. The investors also requested access to the latest list of shareholders and outstanding shares. Byju's needs the capital to address financial issues and to revive its business.
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BYJU’S seeks $300 Mn infusion from investors in exchange for larger shareholding
Inc42
·
1y ago
Medial
BYJU'S CEO Byju Raveendran has requested investors to infuse $300 million into the troubled edtech firm in exchange for a larger shareholding. Shareholders have also urged Raveendran to revamp the company's board to have a greater say in its operations. The negotiations are ongoing, and a deal could materialize in the coming months. This development comes amid multiple legal and governance challenges faced by BYJU'S, including a legal battle with lenders and the Enforcement Directorate's investigation for alleged violations.
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Byju’s founder pledges homes to raise funds for staff salaries
Livemint
·
1y ago
Medial
Byju Raveendran, the founder of Indian edtech giant Byju's, has pledged his home and his family's homes as collateral to raise $12 million and pay salaries to the company's employees amidst a cash crunch. The move comes as Byju's is selling its US-based kids' digital reading platform and facing a legal battle over missed loan payments. Raveendran, who was once worth nearly $5 billion, has also raised personal debts of around $400 million, leaving him cash-strapped. Byju's recently reported narrowed losses and concluded an investigation into its overseas fundraising.
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Byju’s bankrupt: Is the edtech crisis deepening?
Livemint
·
12m ago
Medial
Edtech giant Byju's is facing insolvency after being admitted to the National Company Law Tribunal (NCLT). Founder Byju Raveendran will relinquish control to an interim resolution professional (IRP), who will establish a committee of financial creditors. Byju's also faces a deadline to reach a settlement with the Board of Control for Cricket in India to avoid a court battle. Other edtech companies have struggled due to overspending during a funding boom, with Unacademy experiencing top-level departures and Vedantu implementing cost-cutting measures. Online education firms are reportedly exploring offline expansion, while edtech investments have declined.
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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's drags investors to court, HC grants relief ahead of EGM
Economic Times
·
1y ago
Medial
Byju's parent company, Think & Learn, is involved in a legal battle with investors who want to remove founder Byju Raveendran and his family from the board. The Karnataka high court has issued an interim order invalidating any resolutions made at the Friday extraordinary general meeting (EGM) until Byju's petition against the investors is heard. Meanwhile, Byju's has informed shareholders that its $200 million rights issue is fully subscribed. Raveendran has proposed restructuring the board and appointing two non-executive directors, aiming to increase shareholder representation and enhance engagement.
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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
BYJU'S, the edtech giant, is facing a battle with its investors as they call for an extraordinary general meeting (EGM) to reconstitute the board and change the leadership. The EGM, held on February 23, saw most investors voting in favor of removing co-founder and CEO Byju Raveendran from the company. BYJU'S challenged the validity of the resolutions passed at the EGM, claiming the meeting was attended by a select group of shareholders. Amidst this turmoil, BYJU's founder and CEO assured employees that it's business as usual.
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