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'This EGM is procedurally invalid, contractually in contravention of our AOA and SHA, legally on the wrong side of the Companies Act, 2013. If it is still summoned, it will not have the required quorum and cannot proceed,' a Byju's spokesperson said
The development follows a communication Byju’s sent to its employees in December, assuring that the salaries will be credited the first day of every month
Buckle up for the wild ride that Byju's, India's edtech powerhouse, is currently on. In a twist of fate, the company finds itself juggling delayed salaries, a hefty devaluation, and a rebellion from its very own investors.
Byju's recently launched a rights issue to raise $200 million from existing investors at $225 million valuation
Depending on the final set of investors subscribing to the share sale, Byjus founder Byju Raveendran may also end up owning more in the firm if he manages to arrange capital for the financing.