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Byju Raveendran , the founder of eponymic edtech groupByju ’s , told employees on Saturday that he stay to stay on the chief executive of the startup and that rumour of his firing have been “ greatly exaggerated , ” a day after a shareholder groupvoted to remove him at an emergency general merging .
In a 758 - word letter , contentedness of which was reviewed by TechCrunch , Raveendran claimed that the shareholders violated several “ essential ” local rules .
The shareholder grouping , which include Prosus Ventures and Peak XV Ventures , said in a command on Friday that the investor “ unanimously passed ” the resolutions that seek to ordain , among other things , addressing governance , compliance issues , fiscal mismanagement , reconstitution of its board and a modification in leadership “ so that it is no longer control by the beginner of T&L. ”
At stake is the time to come of the Bengaluru - headquartered inauguration , which was once the country ’s most worthful .
Raveendran claimed in the varsity letter that the sinful general merging lacked the minimum quorum and fail to succeed absolute majority bread and butter for propose resolutions . Raveendran claimed the EGM was convene without adhering to the routine set out by law and only 35 of Byju ’s 170 full shareholders attend , represent around 45 % possession in the company .
“ This means that whatever was determine in that meeting does not depend , because it did n’t stick to the found rules . Regardless of the relentless run by the media , I firmly believe that the Sojourner Truth will inevitably obtain , ” he wrote in the letter to employees .
The cash - starved startup , which has been hunt for new backing for over a year , lately last month set up a right issue , where itseeks to raise about $ 200 million . The rights upshot resets the inauguration ’s valuation , once at $ 22 billion , to about $ 25 million .
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“ Our rights issue has seen an overwhelming response . In fact , such has been the scale of its success that even those who were sit on the fencing are now rushing to get a piece of the action . This momentum is irreversible , and our comeback is now inevitable , ” Raveendran tell employees .
“ It should be clear from the above and the various news report , which paint a mutually exclusive picture of the outcome of yesterday ’s meeting , that these nonage shareholders are intent on circulate misinformation in the media . The Company will not stoop to their level and engage in a medium war . We are confident that their actions will in the end die , and the Company ’s position will dominate . ”
