Updated February 22nd, 2024 at 21:01 IST

BYJU's shareholders to vote for Byju Raveendran's removal at EGM: Sources 

BYJUS investors to seek 75% shareholders vote to oust CEO Byju Raveendran, said highly placed sources.

Reported by: Saqib Malik
Challenges for BYJU'S | Image:Byju Raveendran
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ED notice to Byju: Amid speculations of the much-hyped Extra General Meeting (EGM) of edtech major BYJU's slated for Friday (February 23), BYJU'S investors have decided to go ahead with the meeting in Bengaluru, and will seek a 75 per cent shareholders vote for disgruntled Chief Executive Officer (CEO) Byju Raveendran's ouster, sources informed Republic Business.  

Notably, the Enforcement Directorate (ED) has sought a lookout notice against BYJU's founder Byju Raveendran ahead of edtech firm's EGM on February 23. 

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Highly placed industry sources told Republic Business that the EGM, called by six main investors of the company, including Peak XV, Prosus, Chan Zuckerberg Initiative, General Atlantic, Sofina, Sands Capital may take a call on the future course of the Bengaluru-headquartered edtech giant. ED has asked the Bureau of Immigration to issue the look out notice to stop Raveendran from leaving India, media reports said.

The logjam between BYJU's investors and leadership has entered a legal tangle, while a Karnataka Court on Wednesday gave breather to CEO Byju Raveendran till March 13 by invalidating any resolution on EGM to be held on Friday. Media reports have said that Prosus had asked Raveendran Byju how the valuation of $225 million (post money) was arrived at in the rights issue. 

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On Wednesday, Raveendran Byju in a letter to shareholders said that the valuation metric did not matter as the company was in dire need of capital. 

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Published February 22nd, 2024 at 19:46 IST