Byju’s CEO Ousted: Investors Vote to Remove Founder Amidst Company Turmoil

Byju’s CEO Ousted: Troubled ed-tech startup Byju’s got another blow today when investors decided to oust Byju’s CEO and Founder Raveendran by voting. But the company says that it will take time to pass this resolution. Almost 60% of the shareholders voted and passed all the proposals unanimously.

Byju, which was once the biggest start-up in the country, has been facing a lot of problems in recent times, no one is buying their courses and due to increasing competition, they are lagging in the market. The proposal that has been passed includes not being able to run the company properly, financial problems and not implementing the processes properly. After reconsideration, the Board of Directors said that now the founders of T&L will no longer run the company and there will be a change in the leadership.

It has been clearly stated in the papers given to the Karnataka High Court that whatever decision was taken by the investors, it was taken completely following the process. However, the representative of Byju company says that all the decisions taken in this meeting are invalid and ineffective because according to the articles of association of Byju’s, it was necessary to have at least one founder in the meeting, but neither Raveendran nor his brother Riju. Ravindran and his wife Divya Gokulnath were not present.

Therefore, all the resolutions passed are invalid and all the recommendations cannot be accepted in the presence of only 20 percent shareholders.

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