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Following a tumultuous shareholder meeting at Byju's, the company's founder and CEO Byju Raveendran has made it clear that he is not going anywhere. Despite the vote by investors to remove him and his family from the board due to alleged mismanagement and failures, Raveendran asserted in a note to employees that he remains the CEO and that the management of the company remains unchanged.
In his communication to staff, Raveendran referred to the recent extraordinary general meeting (EGM) of shareholders as a "farce" and denounced the rumors of his removal as greatly exaggerated and inaccurate. He pointed out that the meeting failed to adhere to established rules, rendering its decisions invalid.
Raveendran emphasized that the EGM did not achieve the required quorum as it did not have the presence of at least one Founder Director. Despite the challenges the company faces, including increasing losses, financial constraints, and a declining valuation, Raveendran expressed confidence that the truth will prevail in the end.
He did not attend the EGM, which he and his family deemed as invalid, and highlighted that only a small percentage of shareholders supported the resolution to remove him. Raveendran's unwavering stance as CEO of Byju's highlights his determination to steer the company through its current difficulties.
English (US)