Byju’s Investors to conduct EGM for ouster of Founder Byju Raveendran
A group of key shareholders at Byju’s, collectively holding more than 30% stake, have issued a notice to the cash-strapped edtech firm calling for an extraordinary general meeting (EGM) to address "persistent issues" in the latest instance of the widening rift between the startup’s investors and founder Byju Raveendran.
The investors are seeking an EGM to adopt resolutions on outstanding governance, financial mismanagement and compliance issues; they are also seeking reconstitution of the Board of Directors, so that it is no longer controlled by the founders of Byju’s parent company Think & Learn and they are seeking a change in leadership of the company.
As per the Investor group, the issuance of this EGM notice follows many months of continued efforts by shareholders to engage with the company to address persistent issues relating to corporate governance, mismanagement and compliance.
Currently, the company’s board consists of founder and CEO Byju Raveendran himself, his co-founder and wife Divya Gokulnath, and his brother Riju Ravindran, following the departure of other members last year.
Former SBI chairman Rajnish Kumar and ex-Infosys CFO Mohandas Pai are part of Byju’s board advisory council. They joined the council in July following the resignation of investors Prosus, Peak XV Partners (formerly Sequoia Capital India) and Chan Zuckerberg Initiative.
