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Byju’s founder, ousted by shareholders, insists he is still the CEO
Byju Raveendran, the founder of eponymous edtech group Byju's, told employees on Saturday that he continues to remain the chief executive of the startup Byju's founder Byju Raveendran, ousted by shareholders on Friday, claims that shareholders violated several local laws and that rumors of his firing are "greatly exaggerated."
Raveendran claimed in the letter that the extraordinary general meeting lacked the minimum quorum and failed to win majority support for proposed resolutions. Raveendran claimed the EGM was convened without adhering to the procedures set out by law and only 35 of Byju’s 170 total shareholders attended, representing around 45% ownership in the company. “It should be clear from the above and the various news reports, which paint a contradictory picture of the effect of yesterday’s meeting, that these minority shareholders are intent on spreading misinformation in the media.
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