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

IndianStartupNewsIndianStartupNews · 9m
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.

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