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Byju’s investors unanimously vote to oust CEO Raveendran, revamp board

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Byju’s investors unanimously vote to oust CEO Raveendran, revamp board

Education technology company Byju's has seen an emergency meeting called by investors result in votes to remove CEO Byju Raveendran and revamp the board, with the company dismissing the resolutions as invalid. The meeting saw shareholders unanimously pass the resolutions, with the second-largest stakeholder, Netherlands-based Prosus, stating its confidence in their outcome. Byju's argued the resolutions were non-binding and required the presence of at least one founder-director. The move signals a further breakdown of the relationship between Byju's and its investors, which has worsened since the announcement of a rights issue that could dilute non-participating investors' shareholdings by 99%.

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