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Some BYJU'S investors seek temporary departure of CEO: Report
Inshorts
·
2y ago
Medial
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.
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Related News
‘Focus on quality with efficiency…’: BYJU'S shuts 30 out of 292 tuition centres
Livemint
·
1y ago
Medial
BYJU's has closed down 30 out of its 292 tuition centres as part of cost optimization measures. The company aims to make the remaining centres profitable within three years. BYJU's said that the closed centres will undergo strategic restructuring to align with the company's long-term vision. The edtech firm is also using the premises of tuition centres as sales offices. An extraordinary general meeting (EGM) has been called by BYJU's on March 29 to increase the authorized share capital, but some investors have opposed the meeting and seek to remove the founder and CEO from the board.
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Byju's founder floats share offer to make peace with estranged investors
TechCrunch
·
1y ago
Medial
Byju Raveendran, the founder of Byju's, is attempting to appease disgruntled investors by considering an offer of renounced shares to prevent dilution of their holdings. The startup's board is weighing this option despite the legal actions taken by some investors who seek to remove Raveendran and invalidate a recent rights issue. Byju's is currently facing concerns about its governance practices and the delay in producing financial accounts. Raveendran expressed his commitment to the company and hopes that investors will continue their journey with Byju's.
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WhiteHat Jr CEO Ananya Tripathi resigns, in another top level exit at Byju's
Money Control
·
1y ago
Medial
Ananya Tripathi, CEO of WhiteHat Jr, a subsidiary of Byju's, has resigned from her position. Tripathi, who has been on maternity leave, has decided to move on. Byju's has not yet formally accepted her resignation and is attempting to convince her to stay. Arjun Mohan, who is leading Byju's international operations, has been supporting the team in Tripathi's absence. Tripathi's departure follows other senior-level exits from Byju's and comes as the company faces various challenges, including disagreements with investors and operational issues.
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Karnataka High Court Defers Any Resolutions Passed Till March 13 - StartupNews.fyi
Startup News FYI
·
1y ago
Medial
The Karnataka High Court has ruled that any decisions taken by shareholders at BYJU'S extraordinary general meeting (EGM) will not come into effect until the next hearing on March 13. The court's interim order didn't specifically invalidate the EGM or resolutions passed during the meeting, but provided temporary relief for the edtech giant. BYJU'S investors have called the EGM to remove CEO Byju Raveendran, his wife Divya Gokulnath, and brother Riju Ravindran from the company's board and gain control of the business. BYJU'S has faced various challenges recently, including mass layoffs and legal battles.
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Looks like we may now know which OpenAI execs flagged concerns about Sam Altman before his ouster
Business Insider
·
1y ago
Medial
OpenAI CEO Sam Altman's abrupt removal and subsequent return to the company raised questions about the circumstances surrounding his departure. According to unnamed sources, CTO Mira Murati had expressed concerns about Altman's leadership style to the board in October, which may have contributed to his initial departure. Co-founder and chief scientist Ilya Sutskever also raised issues with some board members around the same time. Some members of the board were worried that Altman's removal could result in the departure of Murati and Sutskever. The law firm WilmerHale is expected to release a report on the matter soon.
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Byju's secures over 50% votes to increase authorized share capital
Livemint
·
1y ago
Medial
Byju's plans to offer renounced shares to shareholders who did not participate in its rights issue in order to prevent further dilution of their shareholding. The move comes after the company gained majority votes to increase its authorized share capital. Byju Raveendran, CEO of Byju's, expressed goodwill towards shareholders despite legal actions taken against the company. Byju's aims to raise $200 million through a rights issue, while facing scrutiny and legal battles over its valuation. The National Company Law Tribunal (NCLT) refused to stay Byju's extraordinary general meeting (EGM) to augment share capital, providing temporary relief. However, challenges from investors questioning the legality of the rights issue still persist.
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Byju’s $200 m rights issue fully subscribed, says CEO Raveendran
Thehindubusinessline
·
1y ago
Medial
Edtech giant Byju's successfully raised $200 million through a rights issue, according to CEO Byju Raveendran. This comes after the company announced plans to raise funds through a rights issue in January. Raveendran expressed gratitude towards shareholders but also urged major investors to participate, amid a rift between Byju's and some of its largest shareholders. The company is facing financial challenges and some investors are seeking to replace the leadership and restructure the board. Raveendran committed to board restructuring and appointing non-executive directors after the FY23 Audit. Byju's is also set to launch an artificial intelligence tool called Byju's Wiz.
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BYJU'S delays salaries for March amid rights issue battle with investors
Inshorts
·
1y ago
Medial
BYJU'S has informed its employees of a temporary delay in the disbursement of salaries and blamed the situation on an interim order obtained by "a few misguided foreign investors". BYJU'S said it's working on a parallel line of credit to ensure salaries are paid by April 8. It had earlier held back February salaries until mid-March.
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Byju’s secures 50% votes for rights issue, offers battling investors to participate in funding
Economic Times
·
1y ago
Medial
Byju Raveendran, CEO of Byju's, has offered estranged investors the opportunity to invest in the rights issue to prevent dilution of their shareholding. In a letter to shareholders, Raveendran mentioned that the company has secured more than 50% of votes to increase the authorized share capital for the $200 million rights issue. Despite legal actions taken by some investors, Byju's continues to prioritize existing shareholders and aims to involve them in the company's turnaround. The National Company Law Tribunal (NCLT) recently refused to stay Byju's extraordinary general meeting (EGM) to increase authorized share capital for the rights issue.
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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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