Byju Raveendran said- The news of my dismissal is a rumour, I am still the CEO, the management is also the same.
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New Delhi: Byju Raveendran, founder of edtech company Byju’s, on Saturday refuted reports of his ouster from the company, saying such rumors are greatly exaggerated and he continues in the post.
In an email sent to employees and obtained by IANS, Byju Raveendran said the management is unchanged, the board remains the same and the rights issue has received an “overwhelming response”.
His response came a day after Byju’s major shareholders like Prosus NV and Peak Passed unanimously.
In an email to employees, Byju Raveendran said ‘functioning was normal’ at the company.
“Just as you can’t change the rules of a game midstream without the consent of all players, we can’t change the way we run our company without following these strict guidelines,” he wrote. Many important rules were violated in the EGM. This means that whatever decision was taken in that meeting does not matter, because it was not in accordance with the established rules.
Byju Raveendran claimed that the EGM was called without following the proper procedure prescribed by law and the company’s Articles of Association.
“Of the 170 shareholders, only 35 (representing about 45 per cent shareholding) voted in favor of the proposal,” Byju’s CEO said. This in itself shows the very limited support this irrelevant meeting has received.
Additionally, he said the Karnataka High Court had granted interim relief which ‘clearly stated that any decision taken during the meeting will not be given effect to until the resolution is reached’.
He said that despite this ‘unnecessary drama’, the management is focusing its full attention on the company’s operations.
The EGM was called by select investors to oust Byju Raveendran from the company which was facing regulatory hurdles amid cash crunch.
The Karnataka High Court on Wednesday ordered that any resolution passed at the EGM will not be valid till the final hearing and disposal of the petition filed by Byju’s parent company Think and Learn Pvt Ltd on March 13.
The post Byju Raveendran said- The news of my dismissal is a rumour, I am still the CEO, the management is also the same appeared first on Dainik Savera Times | Hindi News Portal.
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