Key investors of Byju's call for AGM to remove COO Byju Ravindran form the post
“This is a fallout of what has been happening at the company over the past two years, including lack of transparency and trust, and incomplete audits,” said one of them.
Key investors of Byju's, who hold 30 per cent and above stake in the embattled edutech company, have jointly issued a notice for calling an extraordinary general body meeting of the firm to discuss and settle the long pending issue of change of management.
The consortium of lead investors that seeks EGM wants reconstitution of the board of the firm and stepping down promoter of the company Byju Ravindran as chief operating officer (COO) and relinquishing his operational role in the firm, said two persons who closely watch the developments at Byju's.
“This is a fallout of what has been happening at the company over the past two years, including lack of transparency and trust, and incomplete audits,” said one of them. “Investors don’t want him (Raveendran) to quit. He has his strengths. But these shareholders want him to step aside from the operational role, ” he added
However, Byju's keeps tightlipped over the EGM notice.
In accordance with the rights granted to shareholders under the Companies Act, 2013, a notice was issued to Byju’s parent firm, Think & Learn Private Limited (T&L), requesting an EGM to address persistent issues relating to corporate governance, mismanagement, and compliance. This request is supported by a consortium of T&L shareholders and follows earlier notices of requisition sent to the T&L board of directors in July and December 2023.“
The resolutions being put forward for the EGM to consider include a request for the resolution of the outstanding governance, financial mismanagement, and compliance issues; the reconstitution of the board of directors, so that it is no longer controlled by the founders of T&L; and a change in leadership of the company,” the investor group said in a statement on Thursday