Byju’s parent Think & Learn has taken investors, who sought to oust founder Byju Raveendran and his family from the board, to court. Sources said that the Karnataka high court has passed an interim order that any resolution on Friday EGM to be invalid till Byju’s petition against investors is heard.
Byju’s $200 million rights issue is fully subscribed, its founder informed shareholders in a midnight letter ahead of a crucial extraordinary general meeting (EGM) on Friday, called by a group of investors to oust Byju Raveendran, his wife and brother from the board of the embattled edtech firm.
“In order to increase shareholder representation, I commit to restructuring the Board and appointing two non-executive directors to the Board by the mutual consent of the founder and shareholders, right after the FY23 Audit, which we expect to close by the end of this quarter,” Raveendran said.
This would be in the company’s best interest and allow for greater engagement with shareholders, he added.
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