DH Latest NewsDH NEWSLatest NewsNEWSIndiaBusinessEducation

Byju’s shareholders vote to remove CEO Raveendran, family; company calls vote invalid

The Bombay High Court on Friday nullified the Look Out Circulars (LOCs) issued against Rhea Chakraborty, her brother, and father by the CBI regarding the investigation into actor Sushant Singh Rajput’s death. The division bench’s decision followed petitions filed by Rhea Chakraborty and her family against the LOCs issued in 2020.

During the extraordinary general meeting (EGM) called by a group of six investors, over 60% of the shareholders voted in favor of resolutions to remove the current management, reconfigure the board, and conduct a forensic investigation into the company’s acquisitions. However, the company labeled the voting invalid and ineffective due to the absence of its founders, including Byju Raveendran, from the meeting.

While the outcomes of the EGM await validation by the Karnataka High Court on March 13, tensions continue as investors seek changes in leadership and allege financial mismanagement. This development adds to BYJU’S recent challenges, including auditor resignations and legal disputes, casting a shadow on the once highly valued edtech firm.

shortlink

Post Your Comments


Back to top button