Page 9 - Byju's

Byju's crisis: Employees share stories of uncertainty, financial strain

Some say they have moved to other edtech firms at lower salaries; some have exited the sector

Startup & family business governance

Boards must rely on and act upon early warning signals of behavioural aberrations beyond the boundaries of business sanity and neeyat

Byju's spectacular meltdown

The edtech major promised a learning revolution, offering hope to millions of under-educated youth. Now, those dreams are shattered

Byju's EGM: Shareholders vote to remove CEO Raveendran and his family

More than 60 per cent of shareholders of edutech Byju's on Friday voted for removal of founder CEO Byju Raveendran and his family over alleged "mismanagement and failures" at what was once India's hottest tech startup, but the company dug in its heels, calling the voting done in the absence of founders as "invalid". Prosus - one of the six investors who had called the extraordinary general meeting (EGM) - in a statement said "shareholders unanimously passed all resolutions put forward for vote. "These included a request for the resolution of the outstanding governance, financial mismanagement and compliance issues at Byju's; the reconstitution of the board of directors, so that it is no longer controlled by the founder of T&L; and a change of leadership of the company." Raveendran and his family stayed away from the EGM, calling it "procedurally invalid." However, the outcome of the vote at the EGM will not be applicable until March 13, when the Karnataka High Court will next hear

Byju's EGM gets underway: Raveendran skips, investors file suit before NCLT

A group of four investors of Byju's has filed an oppression and mismanagement suit against the management of the company before the Bengaluru bench of the NCLT, seeking declaring of founders, including CEO Byju Raveendran, as unfit to run the company, and appointing a new board. Besides, the suit has sought declaring the just concluded rights issue as void. Investors, who are seeking the ouster of Raveendran and family from the Byju's board at an extraordinary general meeting of shareholders for alleged "mismanagement and failures" at what was once India's hottest tech startup, have also sought a forensic audit of the company in the plea filed before the National Company Law Tribunal (NCLT) on Thursday evening, according to a court filing. As per the filing, the investors have sought declaring the present management as unfit to run the company and appointing of a new CEO and a new board. The plea also wants a forensic audit and a direction to the management to share information wit

Byju's founder, his family won't attend EGM called by investors on Feb 23

The current board of Byju's parent, Think and Learn, including Raveendran, his wife and Byju's co-founder Divya Gokulnath, and his brother Riju Ravindran will also not attend the EGM

ED upgrades look out circular against Byju Raveendran in Fema probe

The Enforcement Directorate has upgraded its Look out Circular (LC) issued against BJYU's founder and CEO Byju Raveendran in connection with a FEMA probe, seeking to stop him for going abroad. The earlier such alert meant that immigration authorities had to just intimate the agency about his movements through various ports. Official sources said that the over an year old LC was revised sometime back in light of investors' concerns and ongoing adjudication of a FEMA contravention case against Raveendran and some others. BYJU's did not comment on the development. Raveendran is currently stated to be in Dubai. The ED has asked the Bureau of Immigration to upgrade the LC against Raveendran so that he is not allowed to go abroad from any Indian land, air or land port before the investigating officer (IO) of the case is informed. Under the new LC, it will be the decision of the IO to either totally stop his foreign travel or allow him to do so after asking some questions and getting ..

Byju's shareholders to vote on resolution to ouster CEO, family on Friday

Amidst financial turbulence at Byju's, a group of key investors at the edtech have called for an extraordinary general meeting on Friday to oust its founder CEO Byju Raveendran and his family members over "mismanagement and failures" at what was once India's hottest tech startups, sources said. The shareholders, who have called the EGM, collectively hold more than 30 per cent stake in Byju's. Raveendran and family own about 26 per cent in the company. The sources in the know said the Extraordinary General Meeting (EGM) notice calls for ouster of the current board of Think & Learn, the firm that operates Byju's, composed of Raveendran, his wife and co-founder Divya Gokulnath and his brother Riju Ravindran. Detailing the reasons for seeking the ouster, the notice listed alleged financial mismanagement, erosion of value due to management's failure to enforce the company's legal rights and concealment of material information. Earlier this month, South Africa's Prosus, Peak XV Partners

ED seeks look out circular against Byju Raveendran amid ongoing probes

Enforcement Directorate has urged the Bureau of Immigration for renewed travel restrictions to safeguard investor interests in the Byju's FEMA violation probe

K'taka HC grants relief to Byju's; calls resolutions passed in EGM invalid

The edtech firm said this development marks a significant victory for edtech firm, with court recognizing urgent need to protect the company's interests and uphold the principles established by law

Karnataka HC refuses to stay Byju's EGM called by investors on February 23

Karnataka High Court on Wednesday refused to stay an emergency shareholder meeting called by select investors of Think and Learn Pvt Ltd -- the owner of BYJU'S -- to oust the company's CEO Byju Raveendran and his family from the leadership in the edtech firm. BYJU'S had approached the Karnataka High Court seeking a stay on the EGM but the court only gave an interim relief that any resolution passed at the EGM on Friday cannot be implemented before the next court hearing. "It is further submitted that the conditions for convening the Extraordinary General Meeting (EGM) are not complied and no notice is issued as contemplated under Section 100 (3) of the Companies Act 2013," the court order said. It further passed an interim order that "the decision, if any taken by the shareholders of the petitioner company in the EGM scheduled on February 23, 2024, shall not be given effect to, till the next date of hearing," the order said.

Committed to restructuring board: Raveendran tells Byju's shareholders

To increase shareholder representation, the CEO of the embattled edtech firm committed to restructuring the Board and appointing two non-executive directors

Byju Raveendran says company's $200 million rights issue fully subscribed

Raveendran said that Byju's will appoint a third-party agency to monitor the usage of funds raised in the rights issue

Byju's controversies: The troubles hurting India's biggest edtech company

How did Edtech firm fall from the grace that it once enjoyed with the valuation peaking at $22 billion. Explained

Byju's growth cautionary tale for young entrepreneurs: Rajeev Chandrasekhar

Union Minister Rajeev Chandrasekhar's statement comes at a time when some of the most highly valued startups have come under fire for a variety of concerns

Best of BS Opinion: Global threats, federalism for development & more

Here is the best of Business Standard's opinion pieces for today

Edtech major Byju's rights issue gets $300 million commitment: Report

Edtech major Think and Learn, which operates under BYJU'S brand name, is learnt to have received a commitment of USD 300 million from investors for its ongoing rights issue which will close by the end of February, sources aware of the development said. BYJU'S floated a rights issue in January to raise USD 200 million through equity rights issue at an enterprise valuation in the range of USD 220-250 million which is a 99 per cent reduction in its peak valuation of USD 22 billion. Sources also shared that BYJU'S has offered miffed investors to appoint two independent directors to enhance transparency but only after the rights issue and declaring its financial result for the 2023 fiscal. "BYJU'S has received a total commitment of around USD 300 million for the rights as on date. Some investors have also suggested increasing the rights issue size but the priority for the company is to close the existing issue successfully," said a source. The source said that negotiation is also on wit

Fire in the dream factory

Boards at startups need to be made more accountable

Netflix's monetisation model may just save India's online learning apps

The Physics Wallah app has 2 million users logging in daily and spending 80 minutes

UpGrad's founder blames Raveendran, investors for current state of Byju's

Speaking at the second edition of the ASU+GSV & Emeritus Summit in Gurugram, he emphasized that "one rotten apple" should not affect the entire edtech sector