Investors led by Prosus filed a petition at NCLT alleging oppression and mismanagement by the present management of Byjus. They seek to remove Raveendran as CEO, overhaul the board, conduct a forensic audit, and declare the rights issue invalid.
Investors at Byju s are calling for an extraordinary general meeting to oust founder CEO Byju Raveendran and his family members over alleged mismanagement and failures. The shareholders listed financial mismanagement, erosion of value, and concealment of material information as reasons for seeking ouster.