In the midst of escalating issues at the educational technology company Byju’s, CEO Byju Raveendran reassured employees about his continued leadership role within the company. On Saturday, Raveendran addressed his workforce through a letter, refuting media claims that suggested he had been removed as CEO. He labeled such reports as “grossly overstated and fundamentally flawed.”
The message conveyed, “As the CEO of our company, I wish to make it clear that despite the rumors spread by the media, I continue to hold my role as CEO.The management and board composition have not changed.”
Raveendran emphasized that operations at BYJU’S are proceeding as normal, underscoring, “I want to reiterate that the speculation about my dismissal is vastly overstated and fundamentally flawed.”
These developments followed a decisive vote by shareholders (notable investors) on Friday, who unanimously agreed to propose Raveendran’s removal from the board.
In response to the shareholders’ decision, Raveendran remarked, “Similar to how the rules of a game cannot be altered mid-way without consensus among all participants, we cannot modify the operational dynamics of our company without adhering to stringent protocols.”
Moreover, Raveendran disputed the legitimacy of the Extraordinary General Meeting (EGM), denouncing it as invalid. Raveendran argued, “The Extraordinary General Meeting (EGM) conducted yesterday violated several essential procedures, making its results invalid. It’s crucial that all members understand the key problems that invalidate this EGM.”
On the matter of discrepancies noted during the meeting, Raveendran pointed out, “The assertion by a select minority of shareholders that the resolution was unanimously passed at the EGM is entirely false. Only 35 out of 170 shareholders (accounting for approximately 45% of the shareholding) supported the resolution, highlighting the minimal backing for this inconsequential meeting.”
Currently, Byju’s board comprises solely of Mr. Raveendran, his wife, and his brother. They abstained from participating in the EGM, which was initiated by a consortium of six investors holding a 32% stake in the company.
