Byju’s investors vote to remove CEO

Major investors of embattled Byju’s voted to oust founder Byju Raveendran as the chief executive officer (CEO) on Friday after a Zoom call that lasted for hours.

Major investors of embattled Byju’s voted to oust founder Byju Raveendran as the chief executive officer (CEO) on Friday after a Zoom call that lasted for hours.

The proceedings of the Extraordinary General Meeting (EGM), called by major investors of Byju’s, faced delays as several employees of the firm tried to disrupt proceedings, reported Bloomberg news quoting two people who attended.

It was reported that on multiple occasions during the meeting, unidentified participants attempted to disrupt the proceedings by using whistles and other loud noises. Over 60 per cent of the investors voted for Raveendran’s ouster at the EGM, including Prosus NV and Peak XV Partners, citing mismanagement and other challenges at the company.

Prosus released a statement to confirm that the shareholders passed all the resolutions put forward for a vote.  Not just Raveendran but they also voted to remove his family members from leadership positions at the company.
    
Byju’s has rejected the resolutions passed by investors during the EGM, including the decision to remove Raveendran from the board of the company.

On Wednesday, the Karnataka High Court ruled that any resolutions passed during the EGM would be suspended till the next hearing, but declined to halt proceedings. As the situation stands, the fate of Byju Raveendran and his family would depend on the court’s verdict on March 13.