Byju Raveendran, the co-founder and now the ‘ousted’ CEO of troubled edtech major Byju's, has reportedly told staff that he ‘remains the chief executive,’ and that there are ‘no changes’ at the company.
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“I am writing this letter to you as the CEO of our company. Contrary to what you may have read in the media, I continue to remain CEO, the management remains unchanged, and the board remains the same. Put differently, it is ‘business as usual’ at Byju's,” Raveendran said in a letter on Saturday, according to The Economic Times.
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His note came a day after shareholders of the Bengaluru-based online education firm, voted ‘unanimously’ to remove the billionaire entrepreneur and his family from what was once India's most valuable startup. Byju's rejected the move, calling it ‘’invalid and ineffective.'
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Meanwhile, the entrepreneur, 40, reiterated in his letter that the startup's governance is anchored in the Articles of Association and the Shareholder Agreement, which, he stated, are ‘further reinforced by the prevailing company law.’
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{{/usCountry}}Meanwhile, the entrepreneur, 40, reiterated in his letter that the startup's governance is anchored in the Articles of Association and the Shareholder Agreement, which, he stated, are ‘further reinforced by the prevailing company law.’
Also Read: As Byju's CEO Raveendran faces ouster, edutech firm gets ₹2,500 crore push
{{/usCountry}}“These documents collectively form the constitutional backbone of our operations, setting out the rules and procedures by which we must abide. Our company's governance structures are meticulously crafted and legally binding, ensuring decisions and changes occur within a rigorous legal and procedural framework,” Raveendran's note read, reiterating his stance that the resolutions passed at Friday's Extraordinary General Meeting (EGM) are ‘invalid.’