Key Points
Ltd who have called todays extraordinary general meeting (EGM) have raised concerns over the management's failure to enforce the companys rights related to the acquisition of Aakash Educational Services Ltd (AESL), besides agreeing to onerous and prejudicial loan terms with Davidson Kempner (DK), among other matters...
They have demanded the ouster of founder Byju Raveendran and his family from leadership roles in the edtech firm, accused the company of keeping stakeholders in the dark, asked for details regarding investigations by federal agencies and want to know the terms being offered to any new investors...
We are appalled that the investors have leaked the purported EGM notice to the media, despite being bound by confidentiality obligations under the articles of the company and the shareholders agreement, a Byjus spokesperson said.. ETtech..
The notice contains a section on Management concealing material information from shareholders, which raises issues such as the failure to disclose a notice of default from Great Learning, litigation related to Camshaft Capital Fund and potential departures of key management personnel...
They also allege that the management repeatedly breached obligations that were listed in the shareholding agreement and articles of association and failed to provide essential financial data, cap tables, M&A transaction details, debt negotiations and other information that had been sought..
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