Key Points
MUMBAI: A day after a majority of Byjus investors voted to remove founder. as CEO and restructure the board that includes his wife Divya Gokulnath and brother Riju Ravindran, the founder wrote a letter to employees stating that the extraordinary general meeting (. ) was a farce and only 35 of 170..
Recognising this, these few select investors have framed their resolution in a manner that requests the board to merely consider changes to the current board structure, rather than directly mandating it, Raveendran said in the letter which was sent to employees on Saturday evening..
Regardless of this uncalled-for drama, the management is devoting its full attention to the companys operations.this order (Karnataka High Courts interim order stating EGM resolutions to be ineffective until the next hearing), coupled with numerous procedural irregularities and deficiencies, invalidates the resolutions passed by a select, narrow group of shareholders, Raveendran said...
In a statement on Friday, Byjus investor Prosus which holds a little over 9% stake in the company said that shareholders unanimously passed all resolutions put forward for vote..
According to the EGM resolutions, the investors have proposed a new board structure comprising nine membersone founder, two executives from within the group companies, three shareholders and three independents...
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