Face-off likely at EGM over plan to oust Byju’s CEO
economictimes.indiatimes.comInvestors in edtech firm Byju’s parent Think & Learn Pvt. Ltd who have called today’s extraordinary general meeting (EGM) have raised concerns over the management's failure to enforce the company’s rights related to the acquisition of Aakash Educational Services Ltd (AESL), besides agreeing to “onerous” and “prejudicial” loan terms with Davidson Kempner (DK), among other matters.
They have demanded the ouster of founder Byju Raveendran and his family from leadership roles in the edtech firm, accused the company of keeping stakeholders in the dark, asked for details regarding investigations by federal agencies and want to know the terms being offered to any new investors.
Elevate Your Tech Prowess with High-Value Skill Courses
Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisit“We are appalled that the investors have leaked the purported EGM notice to the media, despite being bound by confidentiality obligations under the articles of the company and the shareholders’ agreement,” a Byju’s spokesperson said.
“In any event, we deny all the allegations made by shareholders in the notice. For reasons stated in our petition filed before the Karnataka High Court and, as ordered by the High Court yesterday (Wednesday), if the shareholders are minded to go ahead with the meeting tomorrow, any resolutions passed will be ineffective.”
B
