Byju Raveendran, board members not to attend EGM today

Investor sources said “EGM is valid and fully in accordance with applicable law and EGM will continue as per plan”.

“We would emphasise that the shareholder's agreement does not give them the right to vote on CEO or management change,” the company said in an earlier statement.

Think & Learn Pvt Ltd (the parent company of Byju’s) on Thursday said founder and CEO Byju Raveendran and other board members will not attend the extraordinary general meeting (EGM) on Friday sought by a group of shareholders for the ouster of Raveendran and family members.

“This EGM is procedurally invalid, contractually in contravention of our AOA and SHA, legally on the wrong side of the Companies Act, 2013. Byju Raveendran or any other board member will not attend this invalid EGM,” said a Byju’s spokesperson.

Also read | Investors question Byju’s on Rs 1,700 crore billing, commission to Dubai affiliate

“This means the EGM, if it is still summoned, will not have the required quorum and cannot proceed to discuss or vote on the agenda. As custodians of Byju’s, it is the responsibility of the founders to respect the established procedures of law and protect the company’s integrity,” the spokesperson said.

Story continues below this ad

However, investor sources said “EGM is valid and fully in accordance with applicable law and EGM will continue as per plan”. It’s incorrect to say that EGM won’t have quorum if founders don’t attend, they said.

Byju’s has said these shareholders don’t have voting rights. “We would emphasise that the shareholder’s agreement does not give them the right to vote on CEO or management change,” the company said in an earlier statement.

Investors question Byju’s on Rs 1,700 crore billing, commission to Dubai affiliate

Police personnel seen to control the situation during a massive protest over the statehood demand and the inclusion of Ladakh under the Sixth Schedule, in Leh on Wednesday. (ANI Video Grab)

Statehood protest takes violent turn in Ladakh, BJP office set ablaze in Leh

India4 hr ago

Protests in Ladakh turned violent as students and youth organisations demanded statehood and Sixth Schedule status. Two elderly protesters fainted, prompting a shutdown call. A BJP office and security vehicle were set on fire. Activist Sonam Wangchuk urged for a peaceful approach. The demand for Sixth Schedule status is due to Ladakh's tribal-majority population and direct central administration.

View all shorts

Live Blog