In note to staff, Byju's founder calls his sacking 'a farce'
One day following the ed-tech company Byju's shareholders' vote to remove founder and CEO Byju Raveendran from the board, the 44-year-old entrepreneur insisted that he is still the company's CEO and that management is still in place. He described the extraordinary general meeting (EGM) of shareholders on friday as a "farce" and said that "rumours" of his dismissal from Byju's "have been greatly exaggerated and highly inaccurate" in a letter to staff members.
"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.
"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.
Friday saw a vote by more than 60% of the company's stockholders to remove Raveendran and his family from the board due to "mismanagement and failures"
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.
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.
The CEO of Byju also pointed out in his email to the staff that a quorum was needed for the investor meeting, and that quorum required the participation of at least one Founder Director.
"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.
"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.
Furthermore, Raveendran stated that he is adamant that the truth would ultimately come to light despite the "relentless trial by the media".
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.
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.