SUMMARY
BYJU’S received a temporary respite from the Karnataka HC, which said that any decisions taken by shareholders at its upcoming EGM will not come into effect at least till March 13
The management of BYJU’S is at war with its investors, who are seeking to reconstitute its board to oust founder Byju Raveendran and his family members from it
Amid this, Raveendran claimed that the edtech startup’s $200 Mn rights issue has been fully subscribed and also offered to restructure the board and add two non-executive directors
The management of beleaguered edtech giant BYJU’S is at war with its investors. At a time when the cash-strapped company is looking to raise fresh capital to continue its operations, some of the disgruntled investors of BYJU’S have called for an extraordinary general meeting (EGM) on February 23 (Friday) to reconstitute its board and change its leadership.
Ahead of the EGM, the Byju Raveendran-led company dragged its investors to the Karnataka High Court, arguing that the shareholders didn’t follow the procedures under the Companies Act, 2013. While the Raveendran family did get a temporary relief from the court, the troubles are far from over.
Sources told Inc42 that the EGM will be held on Friday and most of the investors are expected to vote in favour of the removal of cofounder and CEO Raveendran from the company.
With new developments taking place at a rapid pace in this battle for the control of the edtech startup, we are running this live blog to keep you updated with the troubles of BYJU’S and the latest developments pertaining to the upcoming EGM.
February 21, 2024, 21:30 IST: In an interim order, the Karnataka High Court said that any decisions taken by shareholders at BYJU’S upcoming EGM will not come into effect at least till March 13. Read more…
February 21, 2024, 10:00 IST: Byju Raveendran told its shareholders in a letter that the company’s $200 Mn rights issue has been fully subscribed and also offered to restructure the board and add two non-executive directors. Read more…
February 21, 2024, 07:00 IST: BYJU’S investors, who have called for the EGM, contemplate legal recourse if their efforts to oust CEO and founder Raveendran and his family from the company’s board are unsuccessful. Read more…
February 2, 2024: BYJU’S claims that its shareholders’ agreement does not give the right to investors to vote on change of the CEO or the management of the startup. Read more…
February 1, 2024: Major investors of BYJU’S call for an EGM to reconstitute its board and oust its leadership team. The edtech startup’s board comprises Byju Raveendran and his family members Divya Gokulnath and Riju Raveendran. Read more…
