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At an EGM called by investors in Byju’s, participating shareholders unanimously voted for a change in leadership.Byju’s says the resolutions are invalid without at least one founder-director present at the EGM.On Thursday, a consortium of investors moved the NCLT against Byju’s rights issue
The entire edtech industry appears to be bearing the brunt of the crisis at BYJU'S
Startup says Rs 1,400 crore dues grossly overstated, outstanding net amount is around Rs 614 crore
'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
A consortium of shareholders with over 30 per cent stake in cash-strapped Byju's might approach the National Company Law Tribunal (NCLT) seeking a management change, if the extraordinary general meeting (EGM) scheduled for Friday failed to yield an 'amicable settlement' or faced further delays, sources said. Earlier this month, these shareholders had issued a notice calling for an EGM to address 'persistent issues', including a change in management. They will vote for a revamp of the existing board, an exercise which would include asking Byju Raveendran to step down as chief executive officer ...