Byju, board members to skip select investors' EGM

February 22, 2024 21:46

CEO Byju Raveendran

Edtech firm Think and Learn Private Ltd, owner of BYJU'S, on Thursday said neither the company's founder and CEO Raveendran Byju nor any other board member will attend the extraordinary general meeting called by some select investors.

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".

BYJU'S has called the EGM "procedurally invalid" and contractually in contravention of the company's article of association and shareholder's agreement.

"Byju Raveendran or any other Board member will not attend this invalid EGM. This means the EGM, if it is still summoned, will not have the required quorum and cannot proceed to discuss or vote on the agenda."

"As custodians of BYJU'S, it is the responsibility of the founders to respect the established procedures of law and protect the company's integrity," BYJU'S spokesperson said.

BYJU'S founders and board members jointly hold around 22 per cent stake in the company.

The EGM notice has been backed by General Atlantic, Peak XV, Sofina, Chan Zuckerberg, Owl, and Sands, who collectively account for about 30 percent stake in Byju's.

Miffed shareholders at Byju's have proposed a resolution brought to oust founder CEO Byju Raveendran and his family members over alleged "mismanagement and failures" at what was once India's hottest tech startup. -- PTI

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