Byju's investors call for EGM on Friday to oust founder, his family members
edtech have called for an extraordinary general meeting on Friday to oust its founder CEO Byju Raveendran and his family members over «mismanagement and failures» at what was once India's hottest tech startups, sources said. The shareholders, who have called the EGM, collectively hold more than 30 per cent stake in Byju's.
Raveendran and family own about 26 per cent in the company.
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Offering CollegeCourseWebsiteMITMIT Technology Leadership and InnovationVisitIndian School of BusinessISB Product ManagementVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisitThe sources in the know said the Extraordinary General Meeting (EGM) notice calls for ouster of the current board of Think & Learn, the firm that operates Byju's, composed of Raveendran, his wife and co-founder Divya Gokulnath and his brother Riju Ravindran.
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Detailing the reasons for seeking the ouster, the notice listed alleged financial mismanagement, erosion of value due to management's failure to enforce the company's legal rights and concealment of material information.
Earlier this month, South Africa's Prosus, Peak XV Partners (formerly Sequoia Capital), General Atlantic, Sofina, The Chan Zuckerberg Initiative, Owl Ventures, and Sand Capital issued a joint statement seeking change of guard at the company.
«The request for an EGM is supported by a consortium of Think & Learn (T&L) shareholders and follows earlier notices of requisition sent to the T&L board of directors in July and
