Byju’s investors called a meeting on Friday: A decision may be taken to remove founder Raveendran and his family from the board.
A group of some key investors of edtech company Byju’s is going to hold an Extraordinary General Meeting (EGM) on Friday (February 23). According to reports, in this meeting investors can decide to remove Byju’s Founder-CEO Ravindran Byju and his family from the company’s board.
Raveendran and his family hold about 26% stake in the company.
According to sources, investors can remove Raveendran and his family from the board due to mismanagement and failures. The shareholders who have called the EGM hold a total stake of more than 30% in Byju’s. Raveendran and his family hold about 26% stake in the company.
In the EGM notice, it was said that the current board of the company would be ousted.
Sources said that the EGM notice talks about ousting the existing board of Think and Learn Company, which operates Byju’s. The company’s board includes Raveendran, his wife, his brother Riju Raveendran and co-founder Divya Gokulnath.
The investors have also stated in the notice the reasons for demanding the ouster of Byju family. In the notice, investors have alleged financial mismanagement, decline in value due to management’s failure to enforce the company’s legal rights and concealment of material information.