New Delhi, Feb 24 (IANS) Byju Raveendran, founder of Edtech company Byju’s, has denied claims of being fired from the company, asserting that he remains in charge despite reports suggesting otherwise. Key shareholders like Prosus NV and Peak XV Partners aimed to oust him as CEO at an EGM meeting.
In an email to employees, Byju Raveendran stated that the management and board remain unchanged, emphasizing that the rights issue received a positive response. He declared that it was business as usual at the company, dismissing the EGM outcome as invalid due to alleged violations of rules.
Byju Raveendran alleged that the EGM was conducted without following proper procedures as per the law and the Company’s Articles of Association. With only 35 out of 170 shareholders in favor of the resolution, he argued that the meeting lacked substantial support, emphasizing the limited legitimacy of the decision-making process.
Despite the ongoing turmoil, Byju Raveendran assured that the company’s focus remains on operations. The EGM, initiated by select investors seeking to remove him from the company amid regulatory challenges and financial constraints, faces legal hurdles following the Karnataka High Court’s interim relief order. The final hearing on the matter is scheduled for March 13.
