Shareholders Take Action to Remove Byju Raveendran as Byju's CEO Amid Allegations of Mismanagement and Power Struggles

The shareholders of embattled edtech company Byju's have taken decisive action to remove founder Byju Raveendran from his position as CEO, following a lengthy Zoom call on Friday. Despite facing disruptions from employees during the Extraordinary General Meeting (EGM), major investors voted to oust Raveendran due to alleged mismanagement and challenges within the company. 

 This significant development marks a setback for Raveendran, once hailed as a prominent figure in India's edtech sector. Along with removing Raveendran, shareholders also voted to eliminate his family members from leadership roles within the company.

 In response to the EGM outcome, Byju's has rebuked the resolutions passed by investors, claiming the meeting attended by only select shareholders was invalid. The company insists that the decisions made during the EGM are not binding. However, the removal of Raveendran as CEO is currently on hold pending a court decision on March 13. 

Despite the Karnataka High Court's ruling to suspend any resolutions passed during the EGM, the fate of Byju Raveendran and his family within the company remains uncertain until the court's final verdict. Byju's stands firm in its belief that the resolutions passed during the EGM are unenforceable and challenge the rule of law. The outcome of the court's decision on March 13 will ultimately determine the future leadership of Byju's.