Mumbai, February 23: Byju's shareholders at extraordinary general meeting (EGM) have unanimously voted for removal of founder and CEO Byju Raveendran, major investor Prosus NV said on Friday, February 23. Byju Raveendran founded Byju's, an Indian multinational educational technology company, in 2011. Byju's rejected the resolutions, which also sought to remove Byju Raveendran from the board.
In a statement, Byju's said the resolutions passed at the EGM are "invalid and ineffective". The company claimed the resolutions were "voted upon without the valid constitution of a quorum, as stipulated in BYJU'S Articles of Association (AoA). According to Articles 38 and 39(a) of the AoA, at least one founder-director is required to form a valid quorum".
Quorum Was Never Legitimately Established: Byju's
Citing absence of founders from the EGM, Byju's said "the quorum was never legitimately established, rendering the resolutions null and void". The company also claimed that several shareholders were not allowed to participate in the meeting.
"Such violations further underscore the lack of propriety and fairness in the proceedings, raising serious doubts about the validity of any resolutions passed," it added. However, the passing of resolution seeking removal of Raveendran as CEO sends another clear signal of displeasure with the once-celebrated entrepreneur.
