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Byju’s EGM: Sharp noises, ‘phishing’ attack, delays cloud investor-led meeting to oust CEO Raveendran

Economic Times

Economic Times · 1y ago

Byju’s EGM: Sharp noises, ‘phishing’ attack, delays cloud investor-led meeting to oust CEO Raveendran

During an extraordinary general meeting (EGM) at edtech firm Byju's parent company Think & Learn, investors faced disruptions allegedly caused by employees of the startup. The virtual meeting was delayed by an hour, with random users entering the call and sending messages supporting the company's founder, Byju Raveendran. There were also reports of phishing attacks and attempts to cancel the meeting. After an hour, the disruptive users were removed and the EGM proceeded as planned. The meeting was called by investors seeking the removal of Raveendran as CEO due to concerns about management decisions. Byju's founders did not attend the meeting.

Related News

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 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'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.

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.

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.

[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 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 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.

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.

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