Key Points
Dutch investment firm Prosus one of Byjus investors said shareholders at the extraordinary general meeting (EGM) voted on and passed all resolutions including the removal of the edtech firms founder Byju Raveendran as the CEO and change of the board which includes his wife and cofounder Divya Gokulnath, and brother Riju Raveendran...
These included a request for the resolution of the outstanding governance, financial mismanagement and compliance issues at Byjus; 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, Prosus said in a statement...
After weeks of public spat, the EGM was held on Friday even as Byjus secured an interim stay from the Karnataka high court which said that any resolutions passed at the meeting would be contingent upon the final decision on a petition filed by the company...
A group of four investors led by Prosus on Friday moved the Bengaluru bench of the National Company Law Tribunal (NCLT), filing a petition for oppression and mismanagement of the company...
According to people aware of the petition, the investors called for the present management to be declared unfit to run the company and that the CEO and board should be replaced...
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