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regular-article-logo Tuesday, 16 April 2024

I continue to remain CEO, it is business as usual: Byju Raveendran to employees

Raveendran said claims made by the “small group’’ of shareholders that they have unanimously passed the resolution in the EGM were completely wrong

Our Special Correspondent Mumbai Published 25.02.24, 10:49 AM
Byju Raveendran

Byju Raveendran Sourced by the Telegraph

Byju Raveendran on Saturday said he continues to remain the CEO of Byju’s, the management remains unchanged and that it’s “business as usual’’ at the edtech firm.

Raveendran made these remarks in an email written to the company’s staff. It came a day after some shareholders voted for the ouster of Raveendran and two of his family members from the board of the once most-valued Indian start-up for “alleged mismanagement and failures’’.

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“I am writing this letter to you as the CEO of our company. Contrary to what you may have read in the media, I continue to remain CEO, the management remains unchanged, and the board remains the same. Put differently, it is “business as usual” at Byju’s,’’ he said.

Raveendran said claims made by the “small group’’ of shareholders that they have unanimously passed the resolution in the EGM were completely wrong.

He added that only 35 out of 170 shareholders, who represent around 45 per cent of the shareholding, voted in favour of the resolution. This shows the “very limited support’’ that the meeting received, the founder said.

Raveendran pointed out that the governance of the company is “anchored in its Articles of Association (AoA)”.

“These documents collectively form the constitutional backbone of our operations, setting out the rules and procedures by which we must abide. Our company’s governance structures are meticulously crafted and legally binding, ensuring decisions and changes occur within a rigorous legal and procedural framework.”

“Just as you can’t change the rules of a game midway without agreement from all players, we can’t alter how our company is run without following these strict guidelines,” he added.

Raveendran and his other family members had skipped the EGM calling it “procedurally invalid’’. The edtech firm said according to its AoA, at least one founder-director is required to form a valid quorum and since the founders did not participate in the meeting, the quorum was not established.

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