Page 13 - Byju's

Byju's shareholders to vote on resolution to ouster CEO, family on Friday

Amidst financial turbulence at Byju's, a group of key investors at the edtech have called for an extraordinary general meeting on Friday to oust its founder CEO Byju Raveendran and his family members over "mismanagement and failures" at what was once India's hottest tech startups, sources said. The shareholders, who have called the EGM, collectively hold more than 30 per cent stake in Byju's. Raveendran and family own about 26 per cent in the company. The sources in the know said the Extraordinary General Meeting (EGM) notice calls for ouster of the current board of Think & Learn, the firm that operates Byju's, composed of Raveendran, his wife and co-founder Divya Gokulnath and his brother Riju Ravindran. Detailing the reasons for seeking the ouster, the notice listed alleged financial mismanagement, erosion of value due to management's failure to enforce the company's legal rights and concealment of material information. Earlier this month, South Africa's Prosus, Peak XV Partners

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

Karnataka HC refuses to stay Byju's EGM called by investors on February 23

Karnataka High Court on Wednesday refused to stay an emergency shareholder meeting called by select investors of Think and Learn Pvt Ltd -- the owner of BYJU'S -- to oust the company's CEO Byju Raveendran and his family from the leadership in the edtech firm. BYJU'S had approached the Karnataka High Court seeking a stay on the EGM but the court only gave an interim relief that any resolution passed at the EGM on Friday cannot be implemented before the next court hearing. "It is further submitted that the conditions for convening the Extraordinary General Meeting (EGM) are not complied and no notice is issued as contemplated under Section 100 (3) of the Companies Act 2013," the court order said. It further passed an interim order that "the decision, if any taken by the shareholders of the petitioner company in the EGM scheduled on February 23, 2024, shall not be given effect to, till the next date of hearing," the order said.

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

Byju's growth cautionary tale for young entrepreneurs: Rajeev Chandrasekhar

Union Minister Rajeev Chandrasekhar's statement comes at a time when some of the most highly valued startups have come under fire for a variety of concerns

Best of BS Opinion: Global threats, federalism for development & more

Here is the best of Business Standard's opinion pieces for today

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

Fire in the dream factory

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

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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

Now, Blackstone objects to Aakash Educational Services' debt conversion

Think & Learn Pvt Ltd, which operates under Byjus brand name, is currently the major shareholder of Akash Education Services, a physical tutorial company

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

Byju's pays Jan salaries; Raveendran says moving mountains to make payroll

"To be clear, this fight is only against a few vested interests who were trying to sabotage the company by impeding the rights issue," CEO Raveendran said in a letter addressed to the employees

Byju's US unit files for bankruptcy, lists liabilities of $1 bn to $10 bn

US unit of Indian education technology startup Byju's has filed for Chapter 11 bankruptcy proceedings in the U.S. court of Delaware, listing liabilities in the range of $1 billion to $10 bn

Byju's fights back: Investors have no voting rights on CEO change

The edtech company responded to statements from select investors calling for an extraordinary general meeting (EGM) to replace founder and group CEO Byju Raveendran

Byju's claims 'certain investors' are conspiring against company

Byju's is facing multiple challenges, including a cash crunch, delays in financial reporting and legal disputes with lenders