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BYJU’S At War: Here Are The Resolutions Passed By Investors At Extraordinary General Meeting

Inc42 · 1y ago

BYJU’S At War: Here Are The Resolutions Passed By Investors At Extraordinary General Meeting

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.

Related News

BYJU’S shareholders call for leadership change at EGM

Inshorts · 1y ago

BYJU’S shareholders call for leadership change at EGM

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.

ETtech Explainer: What to know about Byju’s boardroom battle and shareholder resolutions

Economic Times

Economic Times · 1y ago

ETtech Explainer: What to know about Byju’s boardroom battle and shareholder resolutions

At an extraordinary general meeting (EGM), Byju's shareholders voted to remove founder Byju Raveendran as CEO and restructure the board. The resolutions passed by the shareholders addressed governance, financial mismanagement, and compliance issues. Shareholders called for a new board composition and change in leadership. However, Byju's claims the resolutions are invalid due to lack of necessary quorum. The matter will be heard by the Karnataka High Court on March 13. Additionally, investors have filed a petition in the National Company Law Tribunal to block a $200-million rights issue, alleging lack of transparency.

[Live Updates] BYJU’S At War: Everything You Need To Know About Byju Raveendran’s Battle With Investors

Inc42 · 1y ago

[Live Updates] BYJU’S At War: Everything You Need To Know About Byju Raveendran’s Battle With Investors

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.

BYJU’S EGM: Investors Vote To Remove CEO Byju Raveendran, But Matter Pending With Karnataka HC

Inc42 · 1y ago

BYJU’S EGM: Investors Vote To Remove CEO Byju Raveendran, But Matter Pending With Karnataka HC

During an extraordinary general meeting (EGM) held by BYJU'S, shareholders passed all resolutions unanimously, including the request for resolving governance and financial mismanagement issues, board reconstitution, and a change in leadership. However, BYJU'S maintained that the EGM itself was invalid, citing technical glitches, procedural irregularities, and a narrow group of shareholders passing the resolutions. The matter is now with the Karnataka High Court, which is expected to make a decision on March 13, 2024. If the court upholds the investors' position, BYJU'S may see a new CEO and board in the future.

Byju’s denies financial irregularities, says ‘not privy to any report by MCA’

Thehindubusinessline

Thehindubusinessline · 1y ago

Byju’s denies financial irregularities, says ‘not privy to any report by MCA’

India's edtech giant Byju's has denied any financial irregularities following reports that the Ministry of Corporate Affairs (MCA) has submitted a report on alleged violations and irregularities. Byju's stated that it has not seen the report, but confirmed there are no financial irregularities in the company. The MCA's investigation arm has reportedly alleged over a dozen Companies Act violations. Separately, Byju's shareholders obtained an interim order from the Karnataka High Court preventing resolutions passed at an extraordinary general meeting in February from being implemented, as well as four investors challenging a $200m rights issue through the National Company Law Tribunal.

Investors passed resolutions to remove Ravindran, change Byju's board: Prosus

Economic Times

Economic Times · 1y ago

Investors passed resolutions to remove Ravindran, change Byju's board: Prosus

At an extraordinary general meeting (EGM), shareholders of edtech firm Byju's voted to remove founder Byju Raveendran as CEO and make changes to the board structure. This comes after a petition filed by a group of investors, including Dutch investment firm Prosus, accusing the company of financial mismanagement and calling for a change in leadership. The EGM faced disruptions and was marred by controversies, with Byju's employees allegedly disrupting the meeting. Byju's challenged the validity of the resolutions passed in the EGM, stating that they are ineffective.

Business As Usual At BYJU’s, Co’s Comeback Inevitable Now: Byju Raveendran

Inc42 · 1y ago

Business As Usual At BYJU’s, Co’s Comeback Inevitable Now: Byju Raveendran

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.

Face-off likely at EGM over plan to oust Byju’s CEO

Economic Times

Economic Times · 1y ago

Face-off likely at EGM over plan to oust Byju’s CEO

Investors in edtech company Byju's have raised concerns about the management's handling of various issues, including the acquisition of Aakash Educational Services Ltd and the terms of a loan agreement with Davidson Kempner. They have called for the removal of founder Byju Raveendran and his family from leadership roles. The investors have accused the company of withholding important information, failing to complete audits, and breaching obligations. They also want more transparency regarding investigations by federal agencies and the terms offered to new investors. The management of Byju's denies the allegations and has obtained a stay on the implementation of any resolutions passed during an extraordinary general meeting.

Battle For BYJU’S: Byju Raveendran & Family To Skip EGM

Inc42 · 1y ago

Battle For BYJU’S: Byju Raveendran & Family To Skip EGM

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.

Founder and family of Byju’s to not attend EGM, call it invalid

Livemint

Livemint · 1y ago

Founder and family of Byju’s to not attend EGM, call it invalid

The founder family of Think & Learn, the parent company of Byju’s, has called an extraordinary general meeting (EGM) called by investors "procedurally invalid". The EGM, scheduled for 23 February, was called by key shareholders to discuss the liquidity situation and potentially remove CEO Byju Raveendran. Think & Learn has filed a petition in the Karnataka High Court arguing that the EGM is in violation of their Articles of Association and Shareholders' Agreement. However, the court order does not restrict the investors from holding the meeting and passing resolutions.

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