However, the outcome of the vote at the extraordinary general meeting (EGM) will not be applicable until March 13, when the Karnataka High Court will next hear Raveendran s plea challenging the move by certain investors.
The company, valued at $22 billion in its last financing round in early 2022, announced last month that it would raise approximately $200 million through a rights issue.
India Business News: MUMBAI: Ahead of a meeting on Friday called by a group of Byju's major investors to seek removal of Byju Raveendran from the position of CEO and recon.
Byju s Crisis: Union Minister Rajeev Chandrasekhar criticizes Byju s rapid expansion without adequate corporate governance, warning of unsustainable models during easy access to capital.
However, Billimoria said that though India is no longer over-regulated, the investigation and trial process is antiquated, and needs to measure up to the regulations.