Byju's, an edtech firm, is currently witnessing several major developments. Recently, in the EGM, a resolution was passed to remove the founder and CEO of the company Byju Raveendran. On this news, CEO Ravindran gave an explanation the next day and said that he is the CEO and will continue to be, there will be no change in the management. At Friday's EGM, Byjus investors approved a motion to evict Byju Ravindran and his family from the company.
Investors allege mismanagement.
Financially troubled Byjus shows no signs of abating, while investment firm Process also downgraded the company's valuation from $22 billion to $5.1 billion. Therefore, preparations are underway to show the way out of the company by accusing the leadership of the company of mismanagement. At Byju's EGM held on Friday, major shareholders including investors Process, General Atlantic and Peak passed a motion to remove company founder Byju Ravindran and co-founder Divya Gokulnath and his brother Riju Ravindran from the board. But Baiju Ravindran and none of his family members attended the EGM.There are no changes in management.
In response to the news of his exit from the company, Byjus founder Byju Ravindran came forward and wrote a letter to his investors and made a big statement. In this he said that he is the CEO and said that everything is fine in the organization. Baiju Ravindran said, 'Contrary to what you may have read in the media, I am writing this letter to you as the CEO of our company. I will remain the CEO, there will be no change in management and the board will remain the same. He also criticized the EGM of Byjuice investors and said it was a kind of farce.