Raveendran will be removed from the post of Byju’s CEO, shareholders voted to save the startup.

New Delhi (Uttam Hindu News): Byju Ravindra, founder of the country’s largest edtech startup Byju’s, will be removed from the post of CEO. On Friday, Byju’s shareholders held an important meeting to save the troubled edtech startup, after which they voted to remove Byju Raveendran from the post of CEO of the company.

Let us tell you that Byju’s investors have been pointing fingers at the leadership of Byju Raveendran for a long time. He is also being held responsible for the financial crisis faced by the company. According to reports, the market cap of the company has decreased to just one billion dollars. Since then there is a lot of anger among the investors. Shareholders have raised serious questions on the company’s leadership. Prosus Ventures, which holds about 9% stake in Byju’s, said in its statement that it has the support of other shareholders. Working with the current leadership will darken the future of the company.

According to media reports, Byju’s investors have raised questions over the company’s governance, management and delays in financial reports. Shareholders have said that we will have to reorganize the board of the company. In which there will be no place for the founders of the company. Let us tell you that this decision of investors will create new challenges for Byju Raveendran. It is known that last year Deloitte had ended its relationship as auditor of the company. Deloitte had said that Byju’s board was not providing them with the necessary documents. Byju has also recently released the report for the financial year ending March 31, 2022, with a delay of 22 months. In which the company has suffered a lot of loss.

It is noteworthy that the current financial condition of Byju’s is such that it is not even able to pay salaries to its employees on time. According to media reports, senior officials of the company have said that due to the attitude of investors, the salaries of the employees are being delayed. Let us tell you that a few days ago Byju Raveendran had written a letter to the shareholders, in which he had said that if the company gets some money then it is still fully capable of moving forward.