Business

Major Investors Urge Removal of Byju Raveendran and Family from Byju’s Board

A group of prominent investors in Byju’s has initiated an extraordinary general meeting (EGM), aiming to bring about changes and oust Byju Raveendran and his family from the board of the tech giant, which is currently navigating a precarious path between potential closure and survival.

Several investors, including Prosus, have issued an EGM notice to Think & Learn Pvt. shareholders, calling for discussions on resolving the company’s governance issues, financial mismanagement, and compliance concerns. The agenda includes the restructuring of the board of directors and a change in the company’s leadership.

Also Read: Hemant Soren Condemns BJP-Led Centre and Addresses Political Targeting in Interview with Kapil Sibal Ahead of ED Arrest

Byju’s board is currently composed of Byju Raveendran, his wife Divya Gokulnath, and his brother Riju Raveendran.

The investors stated in a release, “The issuance of this EGM notice follows many months of continued efforts by shareholders to engage with the company to address persistent issues relating to corporate governance, mismanagement, and compliance.” These efforts have persisted since the resignation of directors nominated by Prosus and other shareholders in June 2023.

Despite the efforts of Byju’s advisory council, which includes Mohandas Pai and Rajnish Kumar, to address challenges, concerns about the company’s future stability under the existing leadership persist, according to the investor group.

Also Read: Saima Wazed, Bangladesh PM’s Daughter Takes Charge As WHO’s Southeast Asia Regional Director

“While we acknowledge Byju’s role and contribution, we remain deeply concerned about the future stability under the current leadership. As shareholders, we will continue to assert our rights, collaborating with other shareholders and government authorities to safeguard the long-term interests of the company and its stakeholders,” the group emphasized.

The EGM notice comes shortly after Byju’s announced a rights issue to raise $200 million at a pre-money valuation ranging from $25 to $30 million. The company has faced heightened challenges, with overseas lenders and a French outsourcing vendor pursuing insolvency proceedings in the past month.

Naiteek Bhatt

Recent Posts

Gautam Adani Reaches Bhubaneswar; Set to Participate In Jagannath Rath Yatra

Gautam Adani, Chairperson of the Adani Group, arrived in Bhubaneswar and proceeded to Puri to…

41 mins ago

Cold Showers Vs Warm Showers: What’s Best To Start Your Day?

Choosing between cold and warm showers can impact your energy, health, and mood. Here’s how…

1 hour ago

Manoj Tiwari Joins Jagannath Rath Yatra In Puri; Celebrates With Devotees

BJP MP Manoj Tiwari participated in the first day of the Jagannath Rath Yatra in…

2 hours ago

HM Amit Shah To Launch Development & Education Projects Across Gujarat

Amit Shah is visiting Gujarat to inaugurate key education, cooperative, and rural development projects across…

2 hours ago

Parliamentary Committee To Visit Pahalgam Terror Site; Hold Key Meetings In Jammu & Srinagar

Following the recent terror attack in Pahalgam’s Baisaran Valley, a Parliamentary Committee is set to…

2 hours ago

PM Modi To Inaugurate Centenary Celebrations Of Acharya Shri Vidyanand Ji Maharaj

Prime Minister Narendra Modi will inaugurate the 100th birth anniversary commemoration of Acharya Shri Vidyanand…

3 hours ago