Sunday , May 19 2024

Raveendran will be removed from the post of CEO of Byju, shareholders voted to save the startup

New Delhi: Byju Ravinder, founder of the country's largest edtech startup Byju's, will be removed from the post of CEO. Shareholders held a crucial meeting on Friday to rescue the embattled edtech startup, after which they voted to remove Biju Raveendran as the company's CEO.

Fingers pointed at Ravindran's leadership. getting up

Let us tell you that Biju's investors have been pointing fingers at the leadership of Biju Raveendran for a long time. He is also being held responsible for the financial crisis faced by the company. According to reports, the market cap of the company has reduced to just one billion dollars. After this there is a lot of anger among the investors. Shareholders have raised serious questions on the leadership of the company. Process Ventures, which holds about a 9% stake in Byju, said in its statement that it has the support of other shareholders. Working with the current leadership will make the future of the company bleak.

Reconstitution of the board of the company Will be done

According to media reports, Baiju's investors have raised questions on the company's governance, management and delay in financial reports. Shareholders have said that we will have to reconstitute the board of the company. In which there will be no place for the founders of the company. Let us tell you that this decision of the investors will create new challenges for Biju Raveendran. It is being told that last year Deloitte had ended its relationship as auditor of the company. Deloitte had said that Baiju's board was not providing them with the necessary documents. Byju also recently released its report for the financial year ending March 31, 2022, with a delay of 22 months. In which the company has suffered a lot of loss.

Company does not distribute salary to people is getting

It is noteworthy that the current financial condition of Biju is such that it is not even able to pay salaries to its employees on time. According to media reports, senior officials of the company have said that due to the attitude of the investors, the salaries of the employees are being delayed. Let us tell you that a few days ago Biju Raveendran had written a letter to the shareholders, in which he had said that if the company gets some money, it is still fully capable of moving forward.