India Business News: Byju Raveendran, the founder of Byju's, has called the extraordinary general meeting (EGM) a farce and challenges the resolutions passed. He states that the meeting did not stick to established rules. Read more.
In a letter to the employees, Raveendran said the claims made by a small group of select minority shareholders that they have unanimously passed the resolution in the EGM is completely wrong.
A group of four investors of Byju s has filed an oppression and mismanagement suit against the management of the company before the Bengaluru bench of the NCLT, seeking declaring founders, including CEO Byju Raveendran, as unfit to run the company, and appointing a new board. Besides this, the suit has sought to declare the just concluded rights issue as void.