New Delhi: There is a lot of turmoil these days in the edtech company Byju's. The cash-strapped company's founder and CEO Byju Raveendran was recently passed a resolution to expel Byju Raveendran from the company in an extraordinary general meeting (EGM) organized by investors. However, Ravindran clarified the very next day that he would remain the CEO and there would be no change in the management.

Investors' allegations

Byju's investors allege that there has been mismanagement by the company's top leadership, due to which the company is stuck in financial crisis. Investor firm Prosus has reduced the valuation of the company from $22 billion to $5.1 billion. At the EGM held on Friday, major shareholders like Investors Prosus, General Atlantic and Peak XV passed a resolution to remove Byju Raveendran, his wife and co-founder Divya Gokulnath, and his brother Riju Raveendran from the board.

Byju Ravindran's statement

Responding to the news of his ouster from the company, Byju Ravindran wrote a letter to his investors. He said that he will remain the CEO and there will be no change in the management. He termed Friday's EGM as a "farce".

Case in NCLT

Byjus crisis has been going on for a long time. Earlier, four investors of edtech firm Byju's had filed a suit in NCLT (National Company Law Tribunal) regarding mis-management. In this case too, a demand has been made to remove Ravindran from the board of directors.

The founding and ups and downs of Byju's

BYJU'S was founded in 2011 by Byju Ravindran and Divya Gokulnath. This company became famous as a learning app. Byju's Learning App was launched in 2015. This startup became a unicorn in the next four years. This company saw a big boom when schools and coaching were closed during the Corona period. However, recently the company has been stuck in a cash crunch. Byju's has had to vacate its largest office space in Bengaluru as the company failed to pay rent. It remains to be seen how Byju's recovers from this crisis. How the ongoing dispute between investors and the company will be resolved is also a big question.

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