Byju's EGM: Investors seek board changes, including Raveendran family exit

26 Mar 2024 , 03:16 PM

After voting, an extraordinary general meeting convened by Byju’s investors to remove the company’s founder and CEO, Byju Raveendran, came to a conclusion. According to news reports, the results should be known in the coming hours.

Investor sources claimed that a number of disturbances occurred during the EGM as unidentified individuals attempted to sabotage the meeting through various tactics.

Reports stated that it took more than sixty minutes to finish the roll call and confirm attendees because hundreds of people tried to connect to the EGM’s Zoom video conference link using names such as Sir Michael Knight, Natalia Cruz, and Kevin Pietersen. Unknown individuals also attended the conference pretending to be the company’s investors.

gathering. An undisclosed source informed attendees at random that the meeting was postponed. But the EGM started on time at nine in the morning IST, according to news reports.

Following the verification of pre-approved names, the total number of attendees for the EGM was lowered from 170 to 37, according to news reports. Eight of these are employee-shareholders of Byju, five are legal representatives, and the remaining twenty-four are investors.

In the meantime, Raveendran, his brother Riju Ravindran, and his co-founder and wife Divya Gokulnath have chosen not to attend the meeting.

Voting at the EGM is anticipated to conclude by 12:30 IST, according to those who are aware of the situation. A few hours later, the results of the vote count will be known.

‘Votes will go to an independent scrutiniser and they will send a report by afternoon IST,’ according to a report.

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