Following the aftermath of a pivotal vote that shook the foundations of Byju's, the leading edtech firm, Byju Raveendran, the company's embattled CEO, has addressed the tumult in a heartfelt letter to his team, asserting his continued leadership amidst what he labeled a "farce" of an Extraordinary General Meeting (EGM).
In the wake of Friday's shareholder decision to oust Founder-CEO Raveendran and his family from the board due to purported mismanagement, Raveendran has vehemently contested the validity of the proceedings. He contends that the meeting, marred by alleged violations of essential regulations, renders any resolutions null and void.
In his missive to employees on Saturday, Raveendran stood firm in his conviction that truth will ultimately triumph, notwithstanding the barrage of media scrutiny. He reassured his team that he remains firmly in place as CEO, the management structure remains unaltered, and business operations continue unabated at BYJU'S.
“I am writing this letter 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,” he said, adding it is “business as usual” at BYJU’S.
“To reemphasise, the rumours of my firing have been greatly exaggerated and highly inaccurate,” Raveendran said.
Disputing the legitimacy of the EGM, Raveendran highlighted key discrepancies, including procedural irregularities and the absence of requisite founder director presence for quorum. He refuted claims of unanimous support for the resolutions, citing a stark minority backing and underscoring the insignificance of the meeting.
“To pass any resolution the meeting needs to have a proper quorum, a set of people who are mandatory. Our articles are clear on the quorum requiring the presence of at least one founder director. Consequently, any resolutions taken at the meeting are not enforceable as per law,” he said.
Amidst the shareholder upheaval, Raveendran, along with his family members, abstained from the EGM orchestrated by a consortium of investors. Despite assertions of overwhelming shareholder backing for management overhaul and investigative measures, conflicting reports muddy the waters, leaving the true extent of investor consensus uncertain.
In the unfolding saga, perspectives diverge, with both sides presenting conflicting narratives. While the shareholders advocating change proclaim resounding victory, Byju's camp remains steadfast in challenging the legitimacy of the proceedings. As the dust settles, the future trajectory of Byju's hangs in the balance, awaiting resolution amid the storm of corporate turmoil.
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