Posted 2/24/2024, 1:40:32 PM
Byju's CEO Raveendran Refuses to Step Down Despite Shareholder Vote, Claiming Lack of Quorum
- Byju Raveendran sent letter to employees saying he remains Byju's CEO despite shareholder vote to remove him
- Raveendran claimed shareholder meeting lacked quorum and failed to win majority support for proposed resolutions
- Shareholder group, including Prosus Ventures, said it passed resolutions to address governance issues and change leadership
- At stake is future of formerly India's most valuable startup Byju's, which has struggled with cash flow and valuation reset
- Raveendran believes shareholder group spreading misinformation; says Byju's rights issue seeing strong response