Get the latest scoop on Byju’s as investors prepare to vote on the fate of CEO Byju Raveendran in the Friday EGM defying the court Order. Don’t miss the suspense as tensions rise in the boardroom!
Investors Proceed with Byju’s CEO Removal Defying Court Order
Investors in the prominent ed-tech company Byju’s are moving forward with plans for an extraordinary general meeting (EGM) scheduled for Friday, where they will vote on removing Byju Raveendran as the company’s CEO. This decision comes despite a recent court order stipulating that any resolutions passed during the EGM would not take effect until the next hearing.
Sources close to the matter revealed that a majority of investors are inclined to vote in favor of removing Raveendran from his position. Byju’s has been grappling with regulatory challenges and financial constraints, adding pressure to the situation.
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Court Order Puts Meeting Resolutions on Hold
The Karnataka High Court intervened by ruling that resolutions proposed during the meeting, which was called by select Byju’s investors to appoint a new board, would not be valid until the final hearing and disposition of a petition filed by Think & Learn Private Ltd, Byju’s parent company. The petition, filed under Section 9 of The Arbitration and Conciliation Act, 1996, seeks resolution of certain disputes.
Enforcement Directorate Requests Look-Out Circular
In another development, the Enforcement Directorate (ED) has requested the Bureau of Immigration (BOI) to issue a lookout circular (LOC) against Raveendran. This move follows ongoing investigations by the ED’s Bengaluru office into alleged violations of the Foreign Exchange Management Act (FEMA) involving the company and its founder. It’s worth noting that an LOC ‘on intimation’ was issued against Raveendran over a year and a half ago, indicating prior scrutiny by authorities.
Bhaarat Bulletin’s Shikha Rai, Bimal Dev, and Moneycontrol have contributed to the above report
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