SUMMARY
Byju Raveendran said he continues to be the CEO of BYJU’S and its management and board remain unchanged
Earlier, BYJU’S investors said that all the resolutions , including those calling for ouster of Raveendran, were unanimously passed during the EGM
Talking about the company’s ongoing $200 Mn rights issue at a valuation cut of over 99%, the CEO said it has received an “overwhelming response”
A day after the investors of BYJU’S held an extraordinary general meeting (EGM), the beleaguered edtech giant’s founder and CEO Byju Raveendran told employees that it is business as usual at the company.
In an email sent to the employees, Raveendran said he continues to be the CEO of BYJU’S and its management and board remain unchanged.
Inc42 has accessed the email sent by Raveendran.
It is pertinent to note that BYJU’S investors said on Friday that all the resolutions, including those calling for ouster of Raveendran and his family members from the edtech’s leadership team and reconstitution of its board, were unanimously passed during the EGM.
However, Raveendran, in his email, reiterated that the EGM was held in violation of rules.
“The claims made by a small group of select minority shareholders that they have unanimously passed the resolution in the EGM is completely wrong. Only 35 out of 170 shareholders (representing around 45% of shareholding) voted in favour of the resolution. That in itself shows the very limited support that this irrelevant meeting received,” he said.
Talking about the company’s ongoing $200 Mn rights issue at a valuation cut of over 99%, the CEO said it has received an “overwhelming response”.
“In fact, such has been the scale of its success that even those who were sitting on the fence are now rushing to get a piece of the action. This momentum is irreversible, and our comeback is now inevitable,” he added.
