In note to staff, Byju's founder calls his sacking 'a farce'
"As our company's CEO, I am writing this letter to you. He remarked, "I remain CEO, management is the same, and the board stays the same, notwithstanding what you may have read in the media.
But Raveendran disagreed, claiming that several fundamental regulations had been "violated" in the EGM decision.
He added, "This implies that the decisions made during that meeting are invalid since they violated the set guidelines.Everyone has to be aware of the particular problems that render this EGM absurd.
Since Byju Raveendran and his family believed the EGM to be "invalid," they chose not to attend.
"It is entirely false that a tiny number of chosen minority shareholders claimed to have approved the resolution at the EGM by unanimous vote. Merely 35 out of 170 shareholders, or around 45% of the total shareholding, cast votes in support of the motion. That demonstrates the extremely little support this pointless gathering got," he continued.
Once a household name in the nation for ed-tech, Byju's is now dealing with a number of issues, such as growing losses, a serious financial shortage, and a falling valuation.