A majority of investors in Byjus parent Think & Learn unanimously voted to remove founder Byju Raveendran as CEO and revamp the board, which includes wife and cofounder Divya Gokulnath and brother Riju Ravindran.
KYC is best understood as the doorway to formal banking channels. So improper KYC can open up banking to the risks of money laundering, fraudulent transactions and such. When customers open bank accounts, they need to submit identity documents, PAN cards to be verified by bank officials as a part of the KYC process.
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Shareholders who voted against CEO Byju Raveendran hold more than 60 per cent of the company, including Dutch investment firm Prosus, General Atlantic and Peak XV Partners
Byju's investors vote to oust founder newindianexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newindianexpress.com Daily Mail and Mail on Sunday newspapers.