Raveendran skips BYJU’S EGM; investors file suit in NCLT seeking founder’s ouster

An Extraordinary General Meeting (EGM) of Byju’s shareholders got underway on Friday to vote on a resolution brought by some investors to ouster founder CEO Byju Raveendran and his family over alleged “mismanagement and failures”.

Raveendran and his family stayed away from the EGM, calling it “procedurally invalid.”

Ahead of the EGM, a group of four investors of Byju’s on Thursday evening filed an oppression and mismanagement suit against the management of the company in the Bengaluru bench of the NCLT, seeking declaring of founders, including CEO Byju Raveendran, as unfit to run the company, appointment of a new board, declaring the just-concluded rights issue as void and a forensic audit of accounts.