look news india
Byju Raveendran, founder of edtech company Byjus, got a big shock today. The shareholders of the company on Friday showed the exit to Baiju Raveendran. At the company's EGM, shareholders have unanimously voted in favor of the removal of the company's founder CEO Baiju Raveendran and his family. Baiju Raveendran's family has called voting illegal. According to media reports, Baiju Raveendran and his family have been removed on charges of wrongdoing in the company. This decision was taken in the EGM of the company. Baiju Raveendran and his family were not present in this meeting. He declared the EGM illegal.
This is why the decision was taken!
Amid Byju's crisis, the company's shareholders called for an EGM on Friday over mismanagement and failures and it was notable that major shareholders like Investors Process, General Atlantic and Peak XV approved Raveendran's exit proposal.
Vote against Raveendran and his family
According to the information, in this extraordinary general meeting, the shareholders unanimously passed all the proposals put for voting. In this, all the proposals including removal of founder Byju Raveendran from the post of CEO were approved to resolve various issues in BYJU. The EGM called by the company's key investors also passed a resolution to reshuffle the company's board of directors and remove Baijuna Raveendran's wife and company co-founder Divya Gokulnath and her brother Riju Raveendran from the board.
Case also filed in NCLT
Baiju Raveendran and none of his family members attended this EGM. As shareholders and major investors, we are fully confident of our position on the validity of the meeting and the decisions taken therein, which we will now present before the Karnataka High Court (Karnataka High Court), it said in a statement. Will appear in Karnataka High Court as per the prescribed procedure. It is noteworthy that earlier, 4 investors of edtech firm Byju had filed a case in NCLT regarding mismanagement and demanded the removal of Raveendran from the board of directors.
How much is the partnership?
According to reports, the shareholders who called the EGM hold a total of more than 30% stake in Byju. Raveendran and his family hold about 26 percent stake in the company. Byju Company is also accused of money laundering, which is being investigated by the Enforcement Directorate. The ED has issued a lookout notice against Raveendran as the CEO of the company, accusing Baiju of Rs. 9,000 crore has been alleged. He has also been banned from leaving the country.
BYJU'S foundation was laid in 2011
At Byju's EGM, more than 60 percent of the company's shareholders voted in favor of the proposal to remove company founder and CEO Byju Raveendran and his family members from the company's board. Investment firm Prosus also reduced the company's valuation from $22 billion to $5.1 billion. Byju's was founded in 2011 by Byju Raveendran and his wife Divya Gokulnath. Within no time, Byju's became famous as a learning app.
Ravindran himself has studied engineering. After which he started giving mathematics coaching to students in 2006. Byju's learning app was launched in the year 2015. In the next 4 years this startup became a unicorn. The biggest jump was seen during the Corona period when schools and coaching were closed.