Investors have no voting rights to change CEO: BYJU’s
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The company operates under the brand name Byju. At least six investors of Byju’s have called an extraordinary general meeting to discuss issues related to the company’s head and end the founders’ control over the company.
New Delhi. Education technology company Think and Learn Pvt Ltd on Friday said investors have no voting rights on changes in the CEO or management under the shareholders’ agreement. The company operates under the brand name Byju. At least six investors of Byju’s have called an extraordinary general meeting (EGM) to discuss issues related to the company head and end the founders’ control over the company.
“Think and Learn Pvt Ltd takes note with regret of the statement by some select investors demanding an EGM to replace Founder and Group CEO Byju Raveendran,” the company said in a statement. In these unfortunate circumstances, we would like to point out that the shareholder agreement does not give them the right to vote on changes in the CEO or management. In the notice sent for calling the EGM, the investors, led by Netherlands investment company Prosus, have requested for resolution of governance issues, financial mismanagement and compliance issues and reconstitution of the board of directors.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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