The online tutor is involved in at least five legal cases, including one filed by key shareholders and another against investors seeking to remove founder Byju Raveendran as the company’s CEO.
Byjus investors are reconciled to his acquisition of 40% in Aakash, the people said, adding that the Manipal Education and Medical Group chairman has also invested an additional Rs 250 crore as working capital and to pay salaries.
Investors demand ouster of Byju Raveendran and family, accuse management of non-compliance, misinformation, and withholding information. They seek details on AESL acquisition, loan terms, investigations, audits, and board restructuring for improved oversight and governance.
The petition has been signed by four investors Prosus, GA, Sofina, and Peak XV along with support from other shareholders, including Tiger and Owl Ventures.