“I Continue To Remain CEO”: Byju Raveendran

Orhan Wadia
Orhan Wadia  - Editor
2 Min Read

Amidst turmoil at Byju’s, the edtech firm’s CEO, Byju Raveendran, asserted in a letter to employees that he remains the chief executive officer of the company. This statement comes a day after shareholders, including prominent investors, voted “unanimously” to remove Raveendran from the board.

Raveendran denied media reports of his ousting, calling them “greatly exaggerated and highly inaccurate.” He emphasized that the management and the board remain unchanged, stating, “To reemphasize, the rumors of my firing have been greatly exaggerated and highly inaccurate.”

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While assuring employees that it is “business as usual” at Byju’s, Raveendran addressed the shareholder vote, comparing it to changing the rules of a game without unanimous agreement from all players. He stated, “We can’t alter how our company is run without following these strict guidelines.”

Raveendran claimed that the Extraordinary General Meeting (EGM) violated essential rules and referred to it as a “farce.” He asserted that the meeting’s violations invalidate its decisions, emphasizing the need to understand the specific issues that make the EGM questionable.

Highlighting discrepancies, Raveendran mentioned that only 35 out of 170 shareholders (representing around 45% of shareholding) voted in favor of the resolution at the EGM. He characterized the meeting as receiving very limited support.

As of now, Raveendran, his wife, and his brother are the only three members on the company board, and they stayed away from the EGM called by a group of six investors holding 32% of Byju’s shares.

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