A DAY AFTER some Byju's investors issued a notice convening an extraordinary general meeting (EGM) to oust the current leadership team led by founder & CEO Byju Raveendran, the company said its shareholder agreement does not give investors the right to vote on CEO or management change. The leadership team comprising 32 executives also expressed "unequivocal support" for Raveendran.
"Think & Learn (TLPL), the parent of Byju's, has noted with sorrow, statements from a select few investors calling for an EGM to replace founder and group CEO Byju Raveendran.
Under these unfortunate circumstances, we would emphasise that the shareholder's agreement does not give them the right to vote on CEO or management change, the company said in a statement on Friday.
Byju's will continue with the proposed $200-million rights issue that was announced on January 29, for which it has received encouraging responses from multiple investors, the statement added.
In an email to employees on Friday, the company also blamed "an artificially induced crisis" by a select group of investors for a delay in paying January salaries.
This story is from the February 03, 2024 edition of Financial Express Mumbai.
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This story is from the February 03, 2024 edition of Financial Express Mumbai.
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