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Byju’s says investors don’t have voting right to remove founder from edtech group
After months of private scuffles, Byju's and some of its largest investors are now taking their fight public. Byju's, once India's most valuable startup, After months of private tussle, Byju's and some of its largest investors are now taking their fight public.
Investors including Prosus, General Atlantic, Peak XV, Chan Zuckerberg Initiative said in a statement Thursday that they seek a resolution of the “outstanding governance, financial mismanagement and compliance issues; the reconstitution of the Board of Directors, so that it is no longer controlled by the founders of T&L; and a change in leadership of the Company.” The company, along with the advisory board consisting of Rajneesh Kumar and Mohandas Pai, constituted a working group with the investors to find a constructive way forward. We want to re-emphasise that the company has not had any external investor funding for nearly two years apart from the founder infusing over $1 billion — a reason why it launched a rights issue as a quick and equitable way to raise money.
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