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Byju's EGM Gets Underway; Raveendran Byju Skips, Investors File Suit In NCLT

OutlookIndia

OutlookIndia · 1y ago

Byju's EGM Gets Underway; Raveendran Byju Skips, Investors File Suit In NCLT

An Extraordinary General Meeting (EGM) of Byju's shareholders was held to vote on a resolution to remove founder CEO Byju Raveendran and his family over allegations of mismanagement. Raveendran and his family did not attend the meeting, calling it "procedurally invalid." Prior to the EGM, a group of investors filed a lawsuit against the management, seeking the appointment of a new board, declaring a recent rights issue as void, and a forensic audit of accounts. The outcome of the vote will be decided on March 13, when the Karnataka High Court hears Raveendran's plea challenging the move by investors.

Related News

Byju's investors approach NCLT to remove CEO Byju Raveendran from the board: Report

IndianStartupNews

IndianStartupNews · 1y ago

Byju's investors approach NCLT to remove CEO Byju Raveendran from the board: Report

Investors of Byju's have called for the removal of founder and CEO, Byju Raveendran, in an extraordinary general meeting (EGM). The results of the EGM are expected soon, although Raveendran's family has deemed the meeting "illegal." Additionally, a group of four investors have filed a petition with the National Company Law Tribunal (NCLT) to remove Raveendran from Byju's board, citing mismanagement and a lack of leadership capability. The investors' concerns include allegations of financial mismanagement and suppression of investor rights, as well as seeking a forensic audit of the company and the invalidation of a rights issue. Byju's has not yet received formal notification of the NCLT petition and criticized the shareholders for their approach.

Byju’s investors seek shareholder details before pivotal EGM

The Arc Web

The Arc Web · 1y ago

Byju’s investors seek shareholder details before pivotal EGM

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.

Byju’s investors seek shareholder details before pivotal EGM

The Arc Web

The Arc Web · 1y ago

Byju’s investors seek shareholder details before pivotal EGM

Byju Raveendran has won a victory as the National Company Law Tribunal (NCLT) rejected a request to postpone an extraordinary general meeting (EGM) called by Byju's owner, Think & Learn. The EGM, scheduled for March 29, aims to seek approval for a $200 million capital raise at a 99% valuation cut. Byju's major investors, including Prosus and General Atlantic, had requested a delay, alleging a discrepancy in the number of outstanding shares. The EGM will determine whether the capital raise proceeds, and Byju's urgently needs the funds to address financial constraints and revive its business.

Byju's faces new NCLT case: Oppression, mismanagement suit filed by 4 investors

Livemint

Livemint · 1y ago

Byju's faces new NCLT case: Oppression, mismanagement suit filed by 4 investors

The National Company Law Tribunal (NCLT) has received a new lawsuit against Indian Edtech major, Byju's, filed by four investors. They accuse the company's management of oppression and mismanagement. This is the fifth legal challenge against Byju's in the NCLT and the fourth in 2024 alone. The suit lists Byju's founder, Byju Raveendran, his wife, his brother, and nine other entities as respondents. Despite attempts to remove him, Raveendran claims to remain CEO and plans to challenge the shareholders who voted to oust him.

Byju’s secures 50% votes for rights issue, offers battling investors to participate in funding

Economic Times

Economic Times · 1y ago

Byju’s secures 50% votes for rights issue, offers battling investors to participate in funding

Byju Raveendran, CEO of Byju's, has offered estranged investors the opportunity to invest in the rights issue to prevent dilution of their shareholding. In a letter to shareholders, Raveendran mentioned that the company has secured more than 50% of votes to increase the authorized share capital for the $200 million rights issue. Despite legal actions taken by some investors, Byju's continues to prioritize existing shareholders and aims to involve them in the company's turnaround. The National Company Law Tribunal (NCLT) recently refused to stay Byju's extraordinary general meeting (EGM) to increase authorized share capital for the rights issue.

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.

Byju Raveendran, family won’t attend EGM called by investors

Thehindubusinessline

Thehindubusinessline · 1y ago

Byju Raveendran, family won’t attend EGM called by investors

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.

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.

Byju's Raveendran says will continue to remain CEO after EGM casts out founders

Livemint

Livemint · 1y ago

Byju's Raveendran says will continue to remain CEO after EGM casts out founders

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.

7 Big Questions For BYJU’S Ahead Of The All-Important EGM

Inc42 · 1y ago

7 Big Questions For BYJU’S Ahead Of The All-Important EGM

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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