New Delhi, 2 February 2024. The crisis at the tech edtech company Byju’s continues without resolution. Major investors of the company have now demanded the removal of Byju Raveendran, the co-founder and CEO, from the company. It has been revealed that nearly six investors in Think and Learn Private Limited, operated under the Byju’s brand, have convened an extraordinary general meeting (EGM) to discuss the company’s major issues and to push for the removal of the founders from the firm. Sources have provided this information. If the proposal to oust Byju Raveendran is approved in this EGM, the company’s control could be handed over to someone else. At present, Byju’s is in serious financial trouble.
EGM Called to Address These Issues In the EGM notice, investors led by the Netherlands-based investment company Prosus have requested resolution of pending governance, financial mismanagement, and compliance issues, along with a restructuring of the board of directors. The group of investors stated in the notice sent to shareholders, “The proposals under consideration in the EGM include the resolution of pending governance, financial mismanagement, and compliance issues, along with a request for the restructuring of the board of directors to ensure it is no longer controlled by the founders and can undergo a change in leadership.”
Previous Demand for Convening a Meeting Sources revealed that the notice has been endorsed by General Atlantic, Peak-15, Sofina, Chan Zuckerberg, Owl Ventures, and Sands. Collectively, they hold around 30% of shares in Byju’s. According to the notice, a consortium of Byju’s shareholders had also requested a meeting with the board of directors in July and December, but it was disregarded.