Byju's Crisis: Byju Raveendran, founder of edtech company Byju's, has termed media reports of his removal from the post of CEO as rumours. He said in a letter to the employees that he is the CEO and will continue in this post. There will be no change in the management of the company. He described the EGM held on Friday as a farce. After the EGM called by the shareholders of the company, it was announced to remove Byju Raveendran from the post and board. Byju Raveendran and his family members did not attend this meeting.
Many rules were violated in the EGM
Byju Raveendran said that the rumors have been greatly exaggerated. Many rules were violated in the EGM (Extraordinary General Meeting). This EGM was called without following the proper procedure prescribed by the articles of association of the company. Therefore, whatever decision was taken in the meeting will not be considered valid. Everyone should understand this. He wrote that just as you cannot change the rules of a game without the consent of all the players, in the same way we cannot change the way a company is run without following the rules.
Letter written to the employees of the company
Byju Raveendran wrote that being the CEO of the company, I am writing this letter to you. I will remain the CEO of Byju's. Management and board will not change. Business will also continue as before. He knows that a media trial is going on against him. But, the truth will come out soon. Of Byju's 170 shareholders, only 35 (about 45 percent shareholding) voted in favor of the proposal. This makes it clear that this meeting has not received much support.
Management's full focus on running the company
He said- Karnataka High Court has clearly said that any decision taken during the meeting will not be implemented until a resolution is reached. Despite all this unnecessary drama, the management is concentrating its full attention on running the company properly.
The High Court had on Wednesday ordered that any resolution passed at the EGM will not be valid till the final hearing and disposal of the petition filed by Byju's parent company Think and Learn Pvt Ltd on March 13.
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