Byju's CEO defies ouster attempts, asserts leadership in a letter to employees

Following an extraordinary general meeting (EGM) where shareholders of Byju's voted to remove Byju Raveendran from the board, the embattled founder and CEO reaffirmed his position in a note to employees, denouncing the proceedings as a "farce."

In a letter to the firm’s employees, Raveendran asserted, "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."

Despite facing significant opposition from investors, Raveendran stood firm, rejecting the outcome of the EGM and citing violations of essential rules and procedures.

"This means that whatever was decided in that meeting does not count because it didn't stick to the established rules... It is crucial for everyone to understand the specific issues that make this EGM a farce," he said in his letter.

Raveendran further highlighted discrepancies in the meeting, including the failure to achieve a proper quorum and the violation of the company's Articles of Association.

He pointed out that only 35 out of 170 shareholders, representing approximately 45 per cent of shareholding, voted in favour of the resolution, indicating limited support for the measures proposed during the EGM.

The Byju's founder's defiance comes amid mounting challenges for the edtech giant, including financial turmoil, mounting losses, and investor disputes.

Despite the turbulent circumstances, Raveendran said, "Regardless of this uncalled-for drama, the management is devoting its full attention to the Company’s operations, with our vision for the Company unmarred."