Page 7 - Byju Raveendran

Controversy over EGM results adds to edtech major Byju's troubles

The meeting was called by some leading investors such as Prosus and General Atlantic and there were seven resolutions at the EGM

Will continue as CEO of Byju's, EGM a farce: Raveendran tells employees

Raveendran also told employees that he is not taking any of the investor allegations lying down and will challenge these illegal and prejudicial actions, according to a letter sent to the staff

Continue to remain CEO; rumours of my firing inaccurate: Byju Raveendran

A day after investors of the troubled edtech firm Byju's voted for a leadership change, Byju Raveendran has penned a note to employees saying he continues to remain CEO and the management remains unchanged, as he dubbed Friday's EGM as a "farce". The note to employees assumes significance as it comes after Byju's shareholders (prominent investors) on Friday voted for removing Founder-CEO Raveendran and his family from the board over alleged "mismanagement and failures" at what was once India's hottest tech startup, but the company dug in its heels, calling the voting done in absence of founders as invalid and ineffective. In a note to employees on Saturday, Raveendran alleged that a lot of essential rules were "violated" at Friday's Extraordinary General Meeting (EGM). "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 ..

Byju's EGM: Investors vote to remove CEO Byju Raveendran from board

Company calls resolutions at EGM 'invalid'; shareholders move NCLT

Byju's crisis: Employees share stories of uncertainty, financial strain

Some say they have moved to other edtech firms at lower salaries; some have exited the sector

Byju's EGM: Shareholders vote to remove CEO Raveendran and his family

More than 60 per cent of shareholders of edutech Byju's on Friday voted for removal of founder CEO Byju Raveendran and his family over alleged "mismanagement and failures" at what was once India's hottest tech startup, but the company dug in its heels, calling the voting done in the absence of founders as "invalid". Prosus - one of the six investors who had called the extraordinary general meeting (EGM) - in a statement said "shareholders unanimously passed all resolutions put forward for vote. "These included a request for the resolution of the outstanding governance, financial mismanagement and compliance issues at Byju's; the reconstitution of the board of directors, so that it is no longer controlled by the founder of T&L; and a change of leadership of the company." Raveendran and his family stayed away from the EGM, calling it "procedurally invalid." However, the outcome of the vote at the EGM will not be applicable until March 13, when the Karnataka High Court will next hear

Byju's EGM gets underway: Raveendran skips, investors file suit before NCLT

A group of four investors of Byju's has filed an oppression and mismanagement suit against the management of the company before the Bengaluru bench of the NCLT, seeking declaring of founders, including CEO Byju Raveendran, as unfit to run the company, and appointing a new board. Besides, the suit has sought declaring the just concluded rights issue as void. Investors, who are seeking the ouster of Raveendran and family from the Byju's board at an extraordinary general meeting of shareholders for alleged "mismanagement and failures" at what was once India's hottest tech startup, have also sought a forensic audit of the company in the plea filed before the National Company Law Tribunal (NCLT) on Thursday evening, according to a court filing. As per the filing, the investors have sought declaring the present management as unfit to run the company and appointing of a new CEO and a new board. The plea also wants a forensic audit and a direction to the management to share information wit

Byju's founder, his family won't attend EGM called by investors on Feb 23

The current board of Byju's parent, Think and Learn, including Raveendran, his wife and Byju's co-founder Divya Gokulnath, and his brother Riju Ravindran will also not attend the EGM

ED upgrades look out circular against Byju Raveendran in Fema probe

The Enforcement Directorate has upgraded its Look out Circular (LC) issued against BJYU's founder and CEO Byju Raveendran in connection with a FEMA probe, seeking to stop him for going abroad. The earlier such alert meant that immigration authorities had to just intimate the agency about his movements through various ports. Official sources said that the over an year old LC was revised sometime back in light of investors' concerns and ongoing adjudication of a FEMA contravention case against Raveendran and some others. BYJU's did not comment on the development. Raveendran is currently stated to be in Dubai. The ED has asked the Bureau of Immigration to upgrade the LC against Raveendran so that he is not allowed to go abroad from any Indian land, air or land port before the investigating officer (IO) of the case is informed. Under the new LC, it will be the decision of the IO to either totally stop his foreign travel or allow him to do so after asking some questions and getting ..

ED seeks look out circular against Byju Raveendran amid ongoing probes

Enforcement Directorate has urged the Bureau of Immigration for renewed travel restrictions to safeguard investor interests in the Byju's FEMA violation probe

K'taka HC grants relief to Byju's; calls resolutions passed in EGM invalid

The edtech firm said this development marks a significant victory for edtech firm, with court recognizing urgent need to protect the company's interests and uphold the principles established by law

Committed to restructuring board: Raveendran tells Byju's shareholders

To increase shareholder representation, the CEO of the embattled edtech firm committed to restructuring the Board and appointing two non-executive directors

Byju Raveendran says company's $200 million rights issue fully subscribed

Raveendran said that Byju's will appoint a third-party agency to monitor the usage of funds raised in the rights issue

Byju's controversies: The troubles hurting India's biggest edtech company

How did Edtech firm fall from the grace that it once enjoyed with the valuation peaking at $22 billion. Explained

Edtech major Byju's rights issue gets $300 million commitment: Report

Edtech major Think and Learn, which operates under BYJU'S brand name, is learnt to have received a commitment of USD 300 million from investors for its ongoing rights issue which will close by the end of February, sources aware of the development said. BYJU'S floated a rights issue in January to raise USD 200 million through equity rights issue at an enterprise valuation in the range of USD 220-250 million which is a 99 per cent reduction in its peak valuation of USD 22 billion. Sources also shared that BYJU'S has offered miffed investors to appoint two independent directors to enhance transparency but only after the rights issue and declaring its financial result for the 2023 fiscal. "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," said a source. The source said that negotiation is also on wit

Netflix's monetisation model may just save India's online learning apps

The Physics Wallah app has 2 million users logging in daily and spending 80 minutes

UpGrad's founder blames Raveendran, investors for current state of Byju's

Speaking at the second edition of the ASU+GSV & Emeritus Summit in Gurugram, he emphasized that "one rotten apple" should not affect the entire edtech sector

Seeking a change of guard: Key investors likely to drag Byju's to NCLT

Earlier this month, these shareholders had issued a notice calling for an EGM to address "persistent issues", including a change in management

TMS Ep624: Byju's red flag, Bhavish's unicorns, markets, Parivesh 2.0

Is Byju's case a red flag for startup founders? Has Bhavish's 3rd unicorn cemented his startup success? Will the RBI change its stance in February policy? What is the Parivesh 2.0 portal? Answers here

Startup world gauges spillover effect of edtech firm Byju's web of crises

Byju's income grew to Rs 5,298.43 crore in FY22. But its losses widened to Rs 8,245.2 crore in FY22. Its total expenses for FY22 rose by 94 per cent to Rs 13,668.44 crore