The founding father of Byju, ousted by shareholders, considers the rumors of his dismissal “very exaggerated”

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Byju Raveendran, the founding father of the eponymous edtech group Byju’s, instructed his workers on Saturday that he remained the startup’s chief government and that rumors of his dismissal have been “vastly exaggerated”, a day after a bunch of shareholders voted for his dismissal throughout an emergency common assembly.

In a 758-word letter, the contents of which have been reviewed by TechCrunch, Raveendran claimed that shareholders had violated a number of “important” native guidelines.

The shareholder group, which included Prosus Ventures and Peak poor monetary administration and reconstitution of its board of administrators. and a change in administration “in order that it’s now not managed by the founders of T&L.”

The way forward for the Bangalore-based startup, as soon as the nation’s most useful, hangs within the steadiness.

Raveendran claimed within the letter that the extraordinary common assembly didn’t have the minimal quorum and didn’t safe majority help for the proposed resolutions. Raveendran claimed that the EGM was convened with out following the procedures established by regulation and that solely 35 of Byju’s 170 shareholders have been current, which represents round 45% of the corporate’s shares.

“Which means that what was determined on this assembly doesn’t depend, as a result of it didn’t observe the established guidelines. Whatever the media’s continued trial, I firmly imagine that the reality will inevitably prevail,” he wrote within the letter to workers.

The cash-starved startup, which has been looking for new financing for greater than a yr, launched a capital enhance on the finish of final month, as a part of which it seeks to boost round $200 million. The rights situation resets the startup’s valuation, which was as soon as $22 billion, to round $25 million.

“Our rights query has acquired an awesome response. The truth is, such has been the size of its success that even those that have been sitting on the fence are actually dashing to get a bit of the motion. This momentum is irreversible and our return is now inevitable,” Raveendran instructed workers.

“It’s clear from the above and the assorted experiences which paint a contradictory image of the results of yesterday’s assembly that these minority shareholders intend to unfold false info within the media. The corporate won’t stoop to their stage and have interaction in a media conflict. We’re assured that their actions will in the end fail and that the Firm’s place will prevail.

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