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

PM Modi Announces Sending Lord Buddha’s Relics To Thailand

PM Modi announced that India will send relics of Lord Buddha, discovered in Gujarat’s Aravalli…

10 hours ago

PM Modi Shares Highlights From Bangkok: A Vibrant Welcome, Community Connect, & The Ramayan!

Prime Minister Narendra Modi highlighted the deep cultural ties between India and Thailand during his…

10 hours ago

Judicial Strength At Risk, Says Delhi HC Bar Association On Justice Singh’s Transfer

The Delhi High Court Bar Association has raised concerns over Justice Chandra Dhari Singh’s transfer…

11 hours ago

PM Modi: Thailand Key To India’s ‘Act East’ Policy & Indo-Pacific Vision

Prime Minister Narendra Modi, during his visit to Bangkok, highlighted Thailand's strategic importance in India's…

11 hours ago

Thailand Releases Commemorative Stamp Showcasing 18th-Century Ramayan Murals During PM Modi’s Visit

Thailand unveiled a commemorative stamp featuring 18th-century Ramayan mural paintings, marking the first day of…

11 hours ago

Centuries-Old Bonds Strengthen As India-Thailand Deepen Partnership: PM Modi

PM Modi and Thai PM Paetongtarn Shinawatra elevate India-Thailand ties to a strategic partnership in…

11 hours ago