Byju Raveendran, the CEO and founder of the edtech company, in a letter to employees said that the rumours of him getting fired from Byju’s are inaccurate, a day after a group of investors in his company voted in favour of his ouster.
"The claims made by a small group of select minority shareholders that they have unanimously passed the resolution in the EGM is completely wrong. Only 35 out of 170 shareholders (representing around 45% of shareholding) voted in favour of the resolution. That in itself shows the very limited support that this irrelevant meeting received," Raveendran told employees.
"Just as you can't change the rules of a game midway without agreement from all players, we can't alter how our company is run without following these strict guidelines,” he added.
Moneycontrol has reviewed a copy of the letter.
“At yesterday's Extraordinary General Meeting (EGM), a lot of these essential rules were violated. This means that whatever was decided in that meeting does not count, because it didn't stick to the established rules,” he added.
Raveendran also referred to the Karnataka High Court’s order and said any decisions made during the meeting would not be given effect until next hearing on March 13.
(This is a breaking story. Please check back for updates.)
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