Investors want Byju out of Byju's, revamp of board

Posted on:
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..

You might be interested in

Byju’s shareholders vote to oust CEO; company calls it ‘invalid’

24, Feb, 24

The majority of Byju’s shareholders on Friday voted unanimously for removing founder CEO Byju Raveendran and his family from the board over...

Cash-crisis induced by select investors, got 100% rights issue commitment: Byju's tells staff

02, Feb, 24

Success of rights issue will ensure sufficient operational capital to fund short-term needs from March, management tells employees in a note.

Byju's at war — with investors, bankruptcy

03, Feb, 24

Byju's, in a letter, said the investors have “no voting rights to change (its) chief executive”. Byjus top management said certain investors are “conspiring” against it and have “artificially induced” a cash crisis that has forced the troubled company to delay January salaries.

Byju’s CEO assures employees of strong comeback amid ongoing crisis

29, Jun, 23

At a time when edtech giant Byju's has been hit with multiple challenges, CEO Byju Raveendran assured employees that the company will bounce back.

Byju Raveendran broke down in tears as crises engulfed ed-tech startup

26, Jul, 23

Byju Raveendran, founder of ed-tech startup Byju's, reportedly broke down in tears after a probe agency raided the company's offices, linking it to possible foreign exchange violations. The company has faced a series of crises including financial irregularities and legal battles.

Gloves on: Not taking allegations lying down, remain CEO, says Byju Raveendran

24, Feb, 24

Byju’s founder informed employees he plans to challenge what he termed as “illegal and prejudicial actions” by a “small group of select minority shareholders”

Byju's investors call for EGM on Feb 23 to oust Byju Raveendran, family members from company board

20, Feb, 24

The shareholders, who have called the EGM, collectively hold more than 30 per cent stake in Byju's, whereas Raveendran and family own about 26 per cent in the company.

Byju's shareholders to vote on resolution to ouster CEO, family on Friday

22, Feb, 24

New Delhi, Feb 22 (PTI) Shareholders at Byju’s are set to vote on Friday on a resolution brought by some investors to oust founder CEO Byju Raveendran and his family members over alleged “mismanagement and failures” at what was once India’s hottest tech startup. However, the outcome of the vote at the extraordinary general meeting […]

Byju's EGM: Investors vote to remove founder from board, edtech says resolutions ‘invalid’

23, Feb, 24

Investors led by Prosus filed a petition at NCLT alleging oppression and mismanagement by the present management of Byjus. They seek to remove Raveendran as CEO, overhaul the board, conduct a forensic audit, and declare the rights issue invalid.

Byju’s shareholders clamour for clarity on funds at EGM

05, Jul, 23

Shareholders of the online tutor pressed its leadership for pro-forma financials at the extraordinary general meeting (EGM) following the exit of its long-time auditor and three external directors