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Byju’s creator refers to his dismissal as “a farce” in a memo to employees: “I continue as CEO.”

<p>One day after the ed-tech company Byju’s shareholders’ decision to remove founder and CEO Byju Raveendran from the board, the 44-year-old entrepreneur insisted that he is still the company’s CEO and that management is still in place.</p>
<p><img decoding=”async” class=”alignnone wp-image-443120″ src=”” alt=” byjus creator refers to his dismissal as a farce in a memo to employees i continue” width=”998″ height=”561″ title=”Byju's creator refers to his dismissal as "a farce" in a memo to employees: "I continue as CEO." 6″ srcset=” 690w,×220.jpg 390w,×84.jpg 150w” sizes=”(max-width: 998px) 100vw, 998px” /></p>
<p>He described the extraordinary general meeting (EGM) of shareholders on Friday as a “farce” and said that “rumors” of his dismissal from Byju’s “have been greatly exaggerated and highly inaccurate” in a letter to staff members.</p>
<p>“As our company’s CEO, I am writing this letter to you. He remarked, “I remain CEO, management is the same, and the board stays the same, notwithstanding what you may have read in the media.</p>
<p>Friday saw a vote by more than 60% of the company’s stockholders to remove Raveendran and his family from the board due to “mismanagement and failures”</p>
<p>But Raveendran disagreed, claiming that several fundamental regulations had been “violated” in the EGM decision.</p>
<p>He added, “This implies that the decisions made during that meeting are invalid since they violated the set guidelines.Everyone has to be aware of the particular problems that make this EGM absurd.</p>
<p>Since Byju Raveendran and his family believed the EGM to be “invalid,” they chose not to attend.</p>
<p>The CEO of Byju also pointed out in his email to the staff that a quorum was needed for the investor meeting, and that quorum required the participation of at least one Founder Director.</p>
<p>“It is entirely false that a tiny number of chosen minority shareholders claimed to have approved the resolution at the EGM by unanimous vote. Merely 35 out of 170 shareholders, or around 45% of the total shareholding, cast votes in favor of the proposal. That demonstrates the very little support this pointless gathering had,” he said.</p>
<p>Furthermore, Raveendran said that he is certain that the truth would ultimately come to light despite the “relentless trial by the media”.</p>
<p>Once a household name in the nation for ed-tech, Byju’s is now dealing with a number of issues, such as growing losses, a serious financial shortage, and a falling value.</p>

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