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.
Screwvala also said that investors and board members now need to exercise their fiduciary responsibility, ask the right questions and protect their investments.
India Business News: Around 13,500 employees from Paytm and Byju’s are actively seeking new jobs due to increased investor scrutiny and regulatory hurdles. Find out more about the job hunt at Paytm and Byju’s.
Michael Moe, the founding partner and CEO of venture capital firm GSV Ventures, emphasised the need for increased caution and diligence in ensuring adherence to established protocols.
People do not want to put their reputations at risk, and that is now becoming the case when working at such companies. According to recruiters, many of those who moved to startups from traditional sectors at eye-popping hikes at the height of the startup boom are now eager to return even taking upto 20-30% pay cuts