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Byju’s investors vote to remove founder
A group of Byju's investors on Friday voted to remove the edtech group's founder and chief executive Byju Raveendran and separately filed an oppression
At an emergency general meeting that concluded earlier today, a group of investors including Prosus Ventures and Peak XV Partners voted to change the leadership at the startup. In a statement on Friday, Byju’s questioned the legitimacy of the resolutions passed in the EGM, saying only a “small cohort of select shareholders” attended the meeting and termed their decisions “invalid and ineffective.” Instead, Byju’s ended up raising less than $150 million in debt from Davidson Kempner and had to repay the investor the full committed amount after making a technical default in a separate $1.2 billion term loan B.
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