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Byju's investors call for EGM on Friday to oust founder, his family members
Economic Times
·
1y ago
Medial
Key investors of Byju's, the Indian edtech giant, are calling for the removal of founder and CEO Byju Raveendran and his family members claiming mismanagement and failures. The investors, who collectively hold over 30% stake in the company, have called for an extraordinary general meeting (EGM) seeking the ouster of the current board. The reasons listed in the EGM notice include financial mismanagement, erosion of value, and concealment of material information. Earlier this month, several investors issued a joint statement seeking a change in leadership. The EGM resolutions include governance and compliance issues, a revamped board, and a new leadership.
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Battle For BYJU’S: Byju Raveendran & Family To Skip EGM
Inc42
·
1y ago
Medial
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.
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Everything You Need To Know About Byju Raveendran’s Battle With Investors - StartupNews.fyi
Startup News FYI
·
1y ago
Medial
The management of BYJU'S, the edtech giant, is in a standoff with investors who are vying to reconstitute the company's board and remove founder Byju Raveendran and his family members from their positions. A temporary relief came from the Karnataka High Court, stating that decisions made at the upcoming extraordinary general meeting (EGM) will not be implemented until at least March 13. Despite this, the EGM is set to proceed, with many investors expected to vote in favor of Raveendran's removal. The battle for control of BYJU'S continues to unfold rapidly.
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No objection to resolution in Byju's EGM; miffed investors await scrutiniser's report
Economic Times
·
1y ago
Medial
Shareholders of Think and Learn, the parent company of Byju's, did not object to the firm's resolution to increase authorized share capital in order to absorb the recently raised $200 million through a rights issue. The miffed investors who proposed to oust Byju's founder and family from management did not participate in the meeting, but voting is still open until April 6. Byju's raised $200 million in February but needed shareholder approval to issue additional equity. Several investors have approached the National Company Law Tribunal against Byju's EGM.
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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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Byju's investors demand EGM to remove founder and family members - StartupNews.fyi
Startup News FYI
·
1y ago
Medial
Investors holding over 30% stake in Byju's are calling for an extraordinary general meeting (EGM) to remove founder and CEO Byju Raveendran and his family members due to alleged mismanagement. The reasons listed in the EGM notice include financial mismanagement, failure to enforce legal rights, and compliance issues. Additionally, there are concerns about unresolved term loans and delayed audits. The investor group is seeking the appointment of an interim CEO and reconfiguration of the board after the removal of the current management.
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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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Byju's Raveendran says will continue to remain CEO after EGM casts out founders
Livemint
·
1y ago
Medial
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.
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BYJU’S EGM: Karnataka High Court Defers Any Resolutions Passed Till March 13
Inc42
·
1y ago
Medial
The Karnataka High Court has ruled that decisions made by the shareholders of edtech giant BYJU'S at an upcoming extraordinary general meeting (EGM) will not come into effect until the next hearing on March 13. The court was hearing a petition filed by BYJU'S against its own investors, with shareholders calling for the removal of CEO Byju Raveendran and his family members from the company's board. While the court has not specifically invalidated the EGM, it has stated that no decisions taken can be put into effect until the next hearing.
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Byju's EGM Gets Underway; Raveendran Byju Skips, Investors File Suit In NCLT
OutlookIndia
·
1y ago
Medial
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.
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"I continue to remain CEO, the claims made by them are completely wrong": Byju Raveendran on EGM results
IndianStartupNews
·
1y ago
Medial
Byju Raveendran, the CEO and founder of edtech company Byju's, has dismissed rumours of his firing in a letter to employees. This comes after more than 60% of shareholders voted in favor of removing Raveendran and his family from the company's board. Raveendran stated that the governance of the company is governed by established rules, which were violated during the recent extraordinary general meeting (EGM). He also questioned the claims made by investors, stating that the meeting received limited support. Byju's has deemed the EGM invalid due to procedural and legal issues.
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