It maybe noted that on February 23, a host of blue chip investors like Prosus, General Atlantic and Peak XV voted to fire Chief Executive Officer (CEO) Byju Raveendran from edtech company Byju’s. However, the resolution could not be given effect to owing to the Karnataka High Court order.
In a February 27 interim order, the NCLT said the funds received by the company in respect to the rights issue should be kept in a separate escrow account and it should not be withdrawn till the disposal of the matter.
The note to employees assumes significance as it comes after Byju's shareholders (prominent investors) on Friday voted for removing Founder-CEO Raveendran and his family from the board over alleged "mismanagement and failures"