Byju’s investors demand EGM to remove founder and family members
- ByStartupStory | February 21, 2024
Amid financial turbulence, key investors of Byju’s have called for an extraordinary general meeting (EGM) to remove founder CEO Byju Raveendran and his family members over alleged mismanagement, sources revealed.
“The shareholders collectively holding over 30 per cent stake in Byju’s have called the EGM,” stated the sources.
Detailing the reasons for the ouster, the notice listed alleged financial mismanagement and failure to enforce legal rights, among others.
“The resolutions being put forward for the EGM include a request for resolution of governance, financial mismanagement, and compliance issues,” the investor group stated.
The EGM notice also detailed alleged financial mismanagement, including failure to resolve term loans and delayed audits.
“The management allegedly failed to enforce the company’s rights against certain entities, resulting in erosion of value,” stated the notice.
The investors seek the appointment of an interim CEO and reconfiguration of the board post-management ouster.
Former SBI chairman Rajnish Kumar and ex-Infosys CFO Mohandas Pai are part of Byju’s board advisory council.
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