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Gloves on: Not taking allegations lying down, remain CEO, says Byju Raveendran

Livemint

Livemint · 1y ago

Gloves on: Not taking allegations lying down, remain CEO, says Byju Raveendran

Byju Raveendran, CEO of Indian edtech company Byju's, has stated that he remains in control of the company and plans to challenge shareholders who voted to remove him. The company has declared an emergency meeting invalid after shareholders, including Prosus Ventures and General Atlantic, voted to reconstitute the board and oust Raveendran. This comes after Byju's announced a $200 million rights issue, which several investors have criticized and filed a petition against. Raveendran maintains that the allegations against him and the company are incorrect and plans to fight against these actions.

Related News

Unacademy CEO Gaurav Munjal’s take on why Byju Raveendran failed: ‘He didn’t listen to anyone…’

Livemint

Livemint · 1y ago

Unacademy CEO Gaurav Munjal’s take on why Byju Raveendran failed: ‘He didn’t listen to anyone…’

Unacademy CEO Gaurav Munjal criticized Byju's founder Byju Raveendran for his downfall and emphasized the importance of receiving honest feedback. Munjal stated that Raveendran stopped listening and failed to surround himself with people who could provide him with the necessary feedback. He highlighted the significance of taking feedback, even if it is not always pleasant, and acting upon it. Munjal also shared five key learnings from his own experience in the last two years. The comments shed light on the rise and fall of Byju's and the ongoing investigations into allegations of financial misconduct.

'Passion doesn't pay bills,' says ex-BYJU'S employee on unpaid salary; CEO replies

Inshorts · 5m ago

'Passion doesn't pay bills,' says ex-BYJU'S employee on unpaid salary; CEO replies

A former BYJU'S employee tagged CEO Byju Raveendran on social media and wrote, "Passion doesn't pay our bills...We've been left stranded without salaries for 3 months. Our PF remains unpaid." He added, "Words inspire, but actions matter." Byju Raveendran responded, "Bills will be paid, comeback will be made, dues will be cleared. Not immediately, but eventually."

Byju Raveendran says he will pay back lenders’ money: ‘People think I ran away but…’ | Mint

Livemint

Livemint · 10m ago

Byju Raveendran says he will pay back lenders’ money: ‘People think I ran away but…’ | Mint

Byju Raveendran, CEO and founder of Byju's, has denied allegations that he fled to Dubai and plans to revive the edtech company. Raveendran clarified that he moved to Dubai for a year to take care of his father's treatment and intends to return. During a virtual press conference, he stated that he wants to repay lenders and blamed investors for abandoning the company. Raveendran expressed hope for a comeback and emphasized his commitment to teaching.

Byju’s founder says missing millions went to legitimate purpose

Economic Times

Economic Times · 10m ago

Byju’s founder says missing millions went to legitimate purpose

- Byju Raveendran, the founder of Byju's, denies orchestrating a scheme to fraudulently transfer $533 million away from lenders. - The $1.2 billion loan received by Byju's was intended for international expansion. - Byju's faced a liquidity crunch before seeing returns on strategic investments, leading to the use of the $533 million for a legitimate commercial purpose, according to Raveendran. - Lenders have been trying to track down the money for over a year, with allegations that it was transferred offshore to entities linked to the founder. - Raveendran disputes the claims of fraudulent transfer, stating that the allegations are based on a quote attributed to him by a lender's representative that he never made. - Byju's entered into agreements with OCI Ltd. for procurement services, and when unable to reimburse the owed amount, OCI exercised its right of set-off against the Alpha Funds.

Byju Raveendran, Divya Gokulnath outline future plans, deny wrongdoing amid legal troubles

Economic Times

Economic Times · 3m ago

Byju Raveendran, Divya Gokulnath outline future plans, deny wrongdoing amid legal troubles

Byju Raveendran, CEO of Byju’s, and cofounder Divya Gokulnath addressed issues surrounding the edtech firm, admitting past mistakes, particularly the $1.2 billion term loan taken in 2021. They denied allegations of fund diversion and criticized attempts to damage the company's reputation. Raveendran introduced "Byju’s 3.0" focusing on educational outcomes with AI integration. Gokulnath mentioned intimidation attempts faced by Raveendran during legal challenges.

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.

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.

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.

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 shares first pic after creating account on X, says 'Broke, not broken'

Inshorts · 5m ago

Byju Raveendran shares first pic after creating account on X, says 'Broke, not broken'

BYJU'S owner Byju Raveendran shared his first picture after joining X. "Broke, not broken. We will rise again," Byju wrote with the picture. He had joined X on Friday, with his first post saying, "I'm here to talk about the last 20 years: the good 17, the bad two and the ugly one. No filters. Only facts."

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