BYJU’S At War: Here Are The Resolutions Passed By Investors At Extraordinary General Meeting
The promoters of BYJU’S and the investor group, comprising Prosus, PeakXV, General Atlantic, Sofina, Chan Zuckerberg Initiative, and Sands Capital, will now be locking horns in the NCLT and the Karnataka High Court over the control of the troubled edtech giant.
The crucial extraordinary general meeting (EGM), which was held on Friday (February 23), started on a turbulent note, with many company employees allegedly impersonating shareholders.
Amid the emotional appeals made by BYJU’S employees — “We want Byju sir. Byju Sir is the soul of the company…” — the meeting officially started with a roll call and reading of the resolutions.
Prosus’ representative Gunjan Shukla chaired the meeting. Sources claimed that 30 investors were present at the time. Inc42 could not independently verify the claim.
Even as the investor group stated that shareholders unanimously agreed to the ouster of Byju Raveendran as the company CEO, the edtech firm said in an official statement that the EGM did not have the required quorum as entailed in the Article of Association or shareholders’ agreement to carry out the EGM, therefore any resolution passed during the EGM remains ineffective.
BYJU’S statement added that the resolutions passed at the EGM had also been “invalidated” by the Karnataka High Court, which in its order stated that any........© Inc42
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