Byju Raveendran, Founder and CEO of edtech giant Byju’s, has dismissed rumors of his firing and insisted that he remains in charge despite a recent Extraordinary General Meeting (EGM) where investors voted for leadership changes. In a note to employees, Raveendran called Friday’s EGM a “farce” and alleged violations of essential rules.
“I continue to remain CEO, the management remains unchanged, and the board remains the same,” stated Raveendran in the letter. He emphasized that reports of his firing were “greatly exaggerated and highly inaccurate,” asserting that it is “business as usual” at Byju’s.
Raveendran highlighted what he claimed were “key discrepancies” in the EGM, stating that the meeting was convened without following proper legal procedures and the company’s Articles of Association. He argued that resolutions taken at the meeting are not enforceable as proper quorum requirements were not met.
“To pass any resolution, the meeting needs to have a proper quorum, requiring the presence of at least one founder director. Consequently, any resolutions taken at the meeting are not enforceable as per law,” he said.
Addressing the voting results, Raveendran contested the claims made by a minority of shareholders, stating, “Only 35 out of 170 shareholders (representing around 45 per cent of shareholding) voted in favor of the resolution. That, in itself, shows the very limited support that this irrelevant meeting received.”
The controversy arose when investors, holding more than 32 per cent in Think & Learn (T&L), the company operating Byju’s, voted to remove Raveendran and his family from the board over alleged mismanagement. Despite their absence, more than 60 per cent of shareholders reportedly voted in favor of resolutions, including a change in management and a forensic investigation into acquisitions.
While sources close to investors claim unanimous support for the resolutions, Byju’s sources put the number at 47 per cent. The situation has raised questions about the future leadership and governance of one of India’s leading tech startups.
