Four investors of Byju’s filed a case in NCLT
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Byju’s CrisisByju Raveendran, Founder of Byju’sByju’s Founder Raveendran)’s problems are showing no sign of abating. On one hand, today, a group of shareholders has called an EGM to oust Raveendran and his family members from the board of directors. At the same time, it is being told that four investors of Byju have filed a case of oppression and mismanagement against him in NCLT. Along with this, he has demanded to declare Byju Raveendran ineligible to run the company. In the petition, the investors have also demanded the appointment of a new board. In the lawsuit, the investors have also demanded that the recently concluded rights issue be declared invalid.
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Voting results will come after March 13
Byju’s shareholders will today vote on a resolution to remove Founder and Chief Executive Officer (CEO) Byju Raveendran and his family members over alleged ‘mismanagement and failures’ at the startup. A group of shareholders has called an EGM to oust Raveendran and his family members from the board of directors. Byju’s is operated by ‘Think and Learn Private Limited’. However, the result of the voting at the extraordinary general meeting (EGM) of shareholders to be held on Friday will not be implemented until March 13. On that day, the Karnataka High Court will hear Raveendran’s petition challenging the move by some investors. Earlier, the High Court on Wednesday had refused to stay the EGM called collectively by shareholders holding more than 32 per cent stake in Byju. Raveendran and his family hold 26.3 percent stake in the company.
what did the court say
The Karnataka High Court said that the petitioner has stated that the conditions for calling the extraordinary general meeting (EGM) have not been followed and no notice in this regard has been issued under Section 100 (3) of the Companies Act 2013. According to the order, any decision taken in the EGM of the shareholders of the concerned company to be held on February 23, 2024 will not be effective till the next date of hearing.
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