A day following the extraordinary general meeting (EGM) of shareholders of the prominent ed-tech firm Byju's, during which a vote was cast to oust its founder-CEO Byju Raveendran from the board, the 44-year-old entrepreneur reaffirmed his position as the company's CEO, emphasizing that the management structure remains unaltered.
In a communication addressed to the company's employees, Raveendran characterized the EGM as a "farce" and dismissed speculations circulating in the media regarding his purported dismissal from Byju's, labeling them as grossly exaggerated and inaccurate.
Contrary to the outcome of the EGM, where over 60 percent of investors supported Raveendran's removal from the board citing alleged mismanagement and failures, he contested the decision, citing several violations of essential protocols during the meeting.
Highlighting the absence of himself and his family from the EGM, which they deemed "invalid," Raveendran underscored that the decisions taken during the meeting lacked validity due to the disregard for established regulations.
Moreover, he pointed out the failure of the investor meeting to achieve a proper quorum, stressing that the presence of at least one Founder Director was imperative for the meeting's legitimacy.
Addressing claims made by a minority group of shareholders regarding unanimous approval of the resolution during the EGM, Raveendran refuted the assertion, highlighting that only a fraction of shareholders supported the resolution, indicating minimal backing for the meeting's agenda.
Expressing unwavering confidence in the eventual revelation of truth despite what he described as relentless scrutiny by the media, Raveendran reiterated his commitment to Byju amid the multitude of challenges confronting the company, including financial losses, liquidity constraints, and a resultant depreciation in valuation.
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