A group of investors who own a lot of Byju’s want to have a meeting to remove the CEO, Byju Raveendran, and his family from their jobs. They say Raveendran has not managed the company’s money well, causing its value to drop, and has kept important information secret. Raveendran and his family own about 26% of Byju’s.
Big investors like Prosus, General Atlantic, and Owl Ventures are part of this group. They’ve asked for better management of the company before. They want to appoint a new temporary CEO and change the company’s board of directors. They’ve listed many complaints about Raveendran’s management to support their plan.
The investors say Raveendran’s decisions have hurt the company’s finances and kept shareholders in the dark. They worry that Raveendran and his family have too much control over Byju’s, which could lead to conflicts of interest.
This meeting is a big deal because these investors have a lot of power in Byju’s. They hope the changes they’re pushing for will make the company better and more transparent. The outcome of this meeting could shape the future of Byju’s and even influence other companies in the education technology industry.
The Enforcement Directorate (ED) has asked to stop Byju’s CEO, Byju Raveendran, from leaving India. This adds more trouble for Byju’s, as Raveendran is already facing problems with investors. Now, not only investors but also government authorities are looking into Raveendran’s actions.
With this new development, it’s even more uncertain how Byju’s will handle its problems. Raveendran’s ability to lead the company and address investors’ concerns is now limited. This makes the upcoming meeting even more important, as stakeholders wait to see what happens next.