A day after buyers of Byju’s voted for a change in management, edtech firmâs Raveendran penned a word to workers saying he continues to remain CEO and the administration stays unchanged, as he dubbed Friday’s EGM as a “farce”. This comes a day after Byju’s shareholders (distinguished buyers) on Friday voted for eradicating Founder-CEO Raveendran and his household from the board over alleged “mismanagement and failures”, however the firm dug in its heels, calling the voting executed in absence of founders as invalid and ineffective.
What did Raveendran say?
In a word to workers on Saturday, Raveendran alleged that loads of important guidelines have been “violated” at Friday’s Extraordinary General Meeting (EGM).
“This means that whatever was decided in that meeting does not count, because it didn’t stick to the established rules…It is crucial for everyone to understand the specific issues that make this EGM a farce,” he wrote.
Raveendran stated he firmly believes that the reality will inevitably prevail, regardless of the “relentless trial by the media”.
“I am writing this letter to you as the CEO of our company. Contrary to what you may have read in the media, I continue to remain CEO, the management remains unchanged, and the board remains the same,” he stated, including it’s “business as usual” at BYJU’S.
“To re emphasise, the rumours of my firing have been greatly exaggerated and highly inaccurate,” Raveendran stated.
Outlining what he claimed have been “key discrepancies” on the EGM, he stated the assembly was convened with out following the right process set out by the regulation and the corporate’s Articles of Association.
“To pass any resolution the meeting needs to have a proper quorum, a set of people who are mandatory. Our articles are clear on the quorum requiring the presence of at least one founder director. Consequently, any resolutions taken at the meeting are not enforceable as per law,” he stated.
He additionally said, “The claims made by a small group of select minority shareholders that they have unanimously passed the resolution in the EGM is completely wrong. Only 35 out of 170 shareholders (representing around 45 per cent of shareholding) voted in favour of the resolution. That in itself shows the very limited support that this irrelevant meeting received.”.
(With PTI inputs)
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