India Current Update

Investors at Byju decide to fire the CEO during a “rowdy” Zoom call. What comes next?

<p>Following an hours-long Zoom session on Friday, major investors in the beleaguered edtech company Byju’s decided to remove founder Byju Raveendran from his position as CEO.</p>
<p><img decoding=”async” class=”alignnone wp-image-439107″ src=”” alt=” investors at byju decide to fire the ceo during a rowdy zoom call what comes next” width=”993″ height=”558″ title=”Investors at Byju decide to fire the CEO during a "rowdy" Zoom call. What comes next? 18″ srcset=” 690w,–390×220.jpg 390w,–150×84.jpg 150w” sizes=”(max-width: 993px) 100vw, 993px” /></p>
<p>According to Bloomberg News, which cited two attendees, the Extraordinary General Meeting (EGM) that Byju’s key investors summoned saw delays in the proceedings due to attempts by a few edtech company workers to sabotage the event.</p>
<p>It was stated that anonymous attendees made repeated attempts to sabotage the meeting’s operations by making loud sounds, including whistles.</p>
<p><strong>Investors decide to fire the CEO of Byju.</strong><br />
Prosus NV and Peak XV Partners were among the more than 60% of investors who voted in favor of Raveendran’s dismissal at the EGM, citing the edtech company’s mismanagement and other issues.</p>
<p>To verify that all of the resolutions submitted to a vote by the shareholders were approved, Prosus issued a statement. The guy, who was once regarded as the face of India’s edtech industry, is devastated by the news.</p>
<p>In addition to Raveendran, they also decided to remove members of his family from executive roles inside the business.</p>
<p><strong>Byju’s opposes the EGM result.</strong><br />
The motions approved by investors at the EGM, including the one to remove Raveendran from the company’s board, have been rejected by Byju’s.</p>
<p>The business statement cited in a Bloomberg story states that “the resolutions passed during the recently concluded extraordinary general meeting – attended by a small cohort of select shareholders – are invalid and ineffective.”</p>
<p>Byju Raveendran and his family did not attend the EGM because they thought it was “invalid.”</p>
<p><strong>What takes occur after that?</strong><br />
Although a majority of investors voted to remove Byju Raveendran from his position as CEO of the firm, the vote will be postponed until March 13 due to a petition filed by Byju Raveendran challenging the investors’ decision to ask for an EGM.</p>
<p>The Karnataka High Court refused to put a stop to the EGM’s proceedings on Wednesday, but it did order that any resolutions approved would be delayed until the next hearing.</p>
<p>In anticipation of the EGM’s result, Byju’s had previously released a statement.</p>
<p>“The resolutions approved at the most recent EGM, in which a small number of shareholders participated, are null and void and have no legal force behind them,” said Byju’s.</p>
<p>The corporation said, “At best, the adoption of these unenforceable resolutions represents a challenge to the rule of law. We firmly believe that.”</p>
<p>As things stand, the court’s decision on March 13 will determine Byju Raveendran’s and his family’s future.</p>

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