Byjus investors meet up to decide the fate of Byjus Raveendran in the Company

Byjus investors meet up to decide the fate of Byjus Raveendran in the Company

In the midst of the constant financial crisis, the edtech company’s investors are mapping to take a vote to make a decision on the expulsion of current board members and the list includes the Founder & company of company.

The stakeholders of Think and Learn Pvt Ltd – the parent company of Byjus are projected to get together for a special meeting entitled by a group of investors. And the meeting will decide the fate & doom of Byjus Raveendran in the edtech company.

The three-member board committee of Byju's – Founder & CEO - Byju Raveendran, his spouse Divya Gokulnath and Brother Riju Raveendran - are currently the largest shareholders in the company, and holding a 26 per cent out of the total shares. The entire voting will be directed by Raveendran himself, who will be voting alongside the motion.

The cluster of investors who have called for the Extraordinary Meeting (EGM) jointly holds around 25 per cent of Byju's shares. As these investors don't have rights for voting rights, they won't be participating in the voting session. This is for the reason that they signed the agreement of shareholders abandoning their voting rights.

The subjects of discussion in the Extraordinary Meeting embrace a resolution of the outstanding governance, financial mismanagement, and the reconstruction of the board, so that it is no longer hand over by the founders.

Additionally, the group of shareholders has the right to move the law tribunal of the company against the founders & board members of Byju's regarding on funding mismanagement & minority shareholder domination.

On his regard, a report from PTI said, “Byju's has received a total commitment of around USD 300 million for the rights as on date. Some investors have also suggested increasing the rights issue size but the priority for the company is to close the existing issue successfully”.