Key Points
Amidst financial turbulence at Byju's, a group of key investors at the edtech have called for an extraordinary general meeting on Friday to oust its founder CEO Byju Raveendran and his family members over "mismanagement and failures" at what was once India's hottest tech startups, sources said..
The sources in the know said the Extraordinary General Meeting (EGM) notice calls for ouster of the current board of Think & Learn, the firm that operates Byju's, composed of Raveendran, his wife and co-founder Divya Gokulnath and his brother Riju Ravindran...
Detailing the reasons for seeking the ouster, the notice listed alleged financial mismanagement, erosion of value due to management's failure to enforce the company's legal rights and concealment of material information...
"The resolutions being put forward for the EGM to consider include a request for the resolution of governance, financial mismanagement and compliance issues; the reconstitution of the board of directors, so that it is no longer controlled by the founders of T&L; and a change in leadership of the company," the investor group had said...
According to the sources, the EGM notice detailing alleged financial mismanagement stated that the company management failed to explain about the show cause notice by Enforcement Directorate (ED) on alleged contraventions, failure to resolve term loan with lenders, conflict with BCCI over sponsorship and Raveendran allegedly misleading shareholders about a term loan...
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