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Byju's claims resolutions passed at EGM to remove founder invalid Byjus Raveendran
Photo courtesy: wikipedia.org

Byju's claims resolutions passed at EGM to remove founder invalid

India Blooms news Service | @indiablooms | 24 Feb 2024, 01:46 am

Bengaluru: Ahead of the results of the voting to remove Byju's founder and CEO Byju Raveendran during an extraordinary general meeting (EGM), the ed-tech company claimed in a statement to the media that the decisions made by shareholders are null and void.

"BYJU'S firmly declares that the resolutions passed during the recently concluded Extraordinary General Meeting (EGM) — attended by a small cohort of select shareholders — are invalid and ineffective. The passing of the unenforceable resolutions challenges the rule of law at worst," the company said.

Several blue-chip investors such as Prosus, General Atlantic, and Peak XV have initiated efforts to dismiss Byju Raveendran from his position as the chief executive officer of his eponymous educational technology firm, Byju’s, which was once valued at $22 billion and stood as a leading figure among Indian unicorns.

"These resolutions were voted upon without the valid constitution of a quorum, as stipulated in BYJU'S Articles of Association (AoA). According to Articles 38 and 39(a) of the AoA, at least one founder-director is required to form a valid quorum. As the founders did not participate in the meeting, the quorum was never legitimately established, rendering the resolutions null and void," said the company, in the statement.

During the EGM, which Raveendran, along with his wife and brother—who constitute the whole board—abstained, investors voted on proposals aimed at restructuring the leadership of the beleaguered educational platform, revamping the board, and initiating a forensic investigation into alleged breaches of governance.

However, the outcome of the voting is yet to be declared.

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