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Byju Raveendran, CEO of the prominent edtech firm Byju’s, has reassured employees that he remains the chief executive officer of the company, dispelling rumors of his ousting following a shareholder vote. In a letter addressed to staff members, Raveendran refuted media reports suggesting his removal from the CEO position as “greatly exaggerated and highly inaccurate.”
The letter, sent on Saturday, emphasized Raveendran’s continued leadership within the company. He stated, “I am writing to you as the CEO of our company. Contrary to what you may have read in the media, I continue to remain CEO, the management remains unchanged, and the board remains the same.”
Raveendran sought to assure employees that operations at Byju’s continue without disruption, affirming that it is “business as usual” despite recent developments. He reiterated, “To reemphasize, the rumors of my firing have been greatly exaggerated and highly inaccurate.”
This declaration comes in response to a shareholder vote held on Friday, where investors reportedly voted unanimously to remove Raveendran from the board. However, Raveendran contested the validity of the vote, stating that proper procedures were not followed.
Referring to the shareholder decision, Raveendran remarked, “Just as you can’t change the rules of a game midway without agreement from all players, we can’t alter how our company is run without following these strict guidelines.”
Furthermore, Raveendran criticized the conduct of the Extraordinary General Meeting (EGM), labeling it as “a farce” and alleging violations of essential rules. He asserted, “At yesterday’s EGM, a lot of these essential rules were violated. This means that whatever was decided in that meeting does not count because it didn’t stick to the established rules.”
Highlighting discrepancies in the meeting, Raveendran pointed out that only a minority of shareholders supported the resolution, undermining its legitimacy. He stated, “The claims made by a small group of select minority shareholders that they have unanimously passed the resolution in the EGM is completely wrong.”
As the dispute unfolds, Raveendran, along with his wife and brother, remains the sole members of the company’s board. They abstained from the EGM initiated by a group of investors, who collectively hold a significant portion of Byju’s shares.
The ongoing disagreement between Raveendran and certain shareholders underscores the challenges faced by the company amidst internal dissent. With the CEO asserting his continued leadership, the focus now shifts to resolving the dispute and maintaining stability within Byju’s.
Sources By Agencies
