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Read the full text of Byju Raveendran's letter to employees after EGM by investors

Economic Times

Economic Times · 1y ago

Read the full text of Byju Raveendran's letter to employees after EGM by investors

Byju Raveendran, the founder and CEO of edtech giant Byju's, has reassured employees that he remains the chief executive and that there are no changes at the company despite reports claiming otherwise. This comes after a group of investors voted to remove Raveendran as CEO and overhaul the board. In response, Raveendran highlighted violations of the company's governance rules during the extraordinary general meeting and stated that the resolutions passed are not enforceable. He expressed confidence in the company's position and emphasized that the management is focused on the company's operations and future success.

Related News

"I continue to remain CEO, the claims made by them are completely wrong": Byju Raveendran on EGM results

IndianStartupNews

IndianStartupNews · 1y ago

"I continue to remain CEO, the claims made by them are completely wrong": Byju Raveendran on EGM results

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.

Byju Raveendran, Divya Gokulnath and Riju Ravindran to skip company's EGM

Economic Times

Economic Times · 1y ago

Byju Raveendran, Divya Gokulnath and Riju Ravindran to skip company's EGM

Byju's founder, Byju Raveendran, his wife Divya Gokulnath, and his brother Riju Ravindran will not attend the extraordinary general meeting (EGM) called by a group of investors seeking Raveendran's removal as CEO. Byju's claims the EGM is invalid due to procedural and contractual reasons. However, the investor group insists on proceeding with the meeting. Byju's filed a petition against the investors, including Prosus, General Atlantic, and Chan Zuckerberg Initiative, alleging a violation of shareholders' agreement. Byju's, facing a cash crunch, recently raised $200 million in a rights issue, valuing the company at $220 million.

Byju Raveendran, family won’t attend EGM called by investors

Thehindubusinessline

Thehindubusinessline · 1y ago

Byju Raveendran, family won’t attend EGM called by investors

Byju's founder Byju Raveendran and other board members will not attend the extraordinary general meeting (EGM) called by a group of investors seeking Raveendran's removal as CEO. Byju's claims that the EGM is invalid and in violation of the company's articles of association (AOA) and shareholder agreement. The Karnataka High Court has ordered that no resolutions from the EGM be implemented until the final hearing of Byju's plea. The edtech firm, facing financial difficulties, has fully subscribed to a $200 million rights issue, with founder Raveendran contributing around $45-$46 million. The Enforcement Directorate has requested a lookout circular against Raveendran.

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.

Everything You Need To Know About Byju Raveendran’s Battle With Investors - StartupNews.fyi

Startup News FYI

Startup News FYI · 1y ago

Everything You Need To Know About Byju Raveendran’s Battle With Investors - StartupNews.fyi

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.

Investors passed resolutions to remove Ravindran, change Byju's board: Prosus

Economic Times

Economic Times · 1y ago

Investors passed resolutions to remove Ravindran, change Byju's board: Prosus

At an extraordinary general meeting (EGM), shareholders of edtech firm Byju's voted to remove founder Byju Raveendran as CEO and make changes to the board structure. This comes after a petition filed by a group of investors, including Dutch investment firm Prosus, accusing the company of financial mismanagement and calling for a change in leadership. The EGM faced disruptions and was marred by controversies, with Byju's employees allegedly disrupting the meeting. Byju's challenged the validity of the resolutions passed in the EGM, stating that they are ineffective.

Some BYJU'S investors seek temporary departure of CEO: Report

Inshorts · 2y ago

Some BYJU'S investors seek temporary departure of CEO: Report

During a recent Extraordinary General Meeting (EGM), reports indicate that certain investors of BYJU'S requested CEO Byju Raveendran to temporarily step aside until ongoing court cases are resolved and there is clarity regarding the financials for FY23 and FY22. However, due to a lack of unanimous support and Raveendran's family's significant stake in the company, a decision regarding this request could not be reached.

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.

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

IndianStartupNews

IndianStartupNews · 1y ago

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.

[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.

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