Byju’s Shareholders Vote to Remove CEO, Family; Company Calls Vote Invalid

More than 60 per cent of shareholders of edutech Byju’s on Friday voted for elimination of founder CEO Byju Raveendran and his household over alleged “mismanagement and failures” at what was as soon as India’s hottest tech startup, however the firm dug in its heels, calling the voting finished within the absence of founders as “invalid”. Prosus – one of many six buyers who had known as the extraordinary normal assembly (EGM) – in a press release stated shareholders unanimously handed all resolutions put ahead for vote.

“These included a request for the resolution of the outstanding governance, financial mismanagement and compliance issues at Byju’s; the reconstitution of the board of directors, so that it is no longer controlled by the founder of T&L; and a change of leadership of the company.” Raveendran and his household stayed away from the EGM, calling it “procedurally invalid.”

However, the end result of the vote on the EGM won’t be relevant till March 13, when the Karnataka High Court will subsequent hear Raveendran’s plea difficult the transfer by sure buyers to name the EGM.

The High Court on Wednesday had refused to keep the EGM, known as by shareholders collectively holding greater than 32 per cent stake in Think & Learn (T&L) – the agency that operates Byju’s, however any decision handed shall not be given impact until the following date of listening to. Raveendran and household personal 26.3 per cent within the firm.

Byju’s in a press release, issued even earlier than the EGM outcomes had been declared, stated it “?rmly declares that the resolutions passed during the recently concluded EGM — attended by a small cohort of select shareholders – are invalid and ineffective. The passing of the unenforceable resolutions challenges the rule of law at worst.”

(This story has not been edited by News18 workers and is revealed from a syndicated information company feed – PTI)