Key Points
In a dramatic turn of events, a section of the firms major investors have issued a notice to Think & Learn (T&L), Byjus parent, seeking an extraordinary general meeting (EGM) to consider. and change in leadership of the company...
The investors said that the EGM notice followed several months of continued efforts by shareholders to engage with the company to address persistent issues relating to corporate governance, mismanagement and compliance...
Following instances of severe corporate governance lapses at the Bengaluru-based startup, the relationship between the company and its investors have been strained with its investor Prosus earlier accusing the startups leadership of regularly disregarding its advice relating to various business matters..
Last June, Prosus representatives, Peak XV Partners and Chan Zuckerberg Initiative had stepped down from the companys board and sources said that Byjusinvestors have for long been wanting Raveendran to loosen his grip over the firm and step aside from day-to-day operations...
Once a celebrated startup, Byjus which initially set out to transform the way school kids learn has managed to garner more than $5 billion in funding from storied global investors like Tiger Global and General Atlantic..
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