Byju’s, the embattled edtech firm, announced that its founder, Byju Raveendran, along with other board members including his wife, Divya Gokulnath, and brother Riju Raveendran, will not be attending the extraordinary general meeting (EGM) called by the company’s investors on February 23 aimed at ousting the top management.
According to a spokesperson for Byju’s, the EGM is deemed procedurally invalid, in contravention of the company’s Articles of Association (AOA) and Shareholder Agreement (SHA), and legally flawed under the Companies Act, 2013. Consequently, Byju Raveendran and other board members will abstain from attending the invalid EGM. This decision implies that the meeting, if still convened, will lack the requisite quorum and cannot proceed to address or vote on the agenda. The spokesperson emphasized the founders’ obligation to uphold established legal procedures and safeguard the company’s integrity as custodians of Byju’s.
