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.
Pai asserted that industries always want to hire more local people, but there weren't "enough local people to fill the requirements as they are not well trained or have the required skills".
This EGM is procedurally invalid, contractually in contravention of our AOA and SHA, legally on the wrong side of the Companies Act, 2013. If it is still summoned, it will not have the required quorum and cannot proceed, a Byju s spokesperson said
CEO Byju Raveendran said he is taking steps to ensure transparency on the usage of the funds. He also reiterated in his note that a few vested interests are acting against the edtech at a time when it faces a major cash crunch.