Bengaluru: Major investors in the Edutech firm BYJU’S have expressed their desire to oust CEO Byju Raveendran. Bloomberg reported that investors Prosus NV and Peak XV voted in favor of Byju’s removal during yesterday’s shareholders meeting . It is also reported that other investors also supported the motion to remove him from his position.
In response, Byju Raveendran labeled the move to oust him as unacceptable. Reports also emerged of attempted unauthorized entry by some BYJU’S employees into the shareholders’ Zoom meeting. Allegedly, they sought to disrupt the proceedings through various means. BYJU’S issued a press release stating their refusal to acknowledge the decisions made in the meeting. Notably, the Karnataka High Court has issued an interim order preventing the implementation of these decisions, following a petition filed by Byju Raveendran.
The Enforcement Directorate (ED) had issued a lookout notice against Byju Raveendran, following the decision to remove him. The ED has reportedly uncovered irregularities under the FEMA Act allegedly committed by Raveendran.
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