‘I continue to remain CEO’: Byju Raveendran asserts continued leadership amidst company turmoil

In the wake of escalating tensions within the educational technology giant Byju’s, founder Byju Raveendran issued a resolute statement to his employees, affirming his position as the chief executive officer and underlining stability within the organisation.

Addressing concerns stemming from recent developments, Raveendran communicated to his staff through a memo on Saturday, firmly declaring his ongoing role as CEO amidst speculation of his potential removal by investors.

The memo follows a pivotal decision by a consortium of investors to motion for Raveendran's removal from the helm of the online education platform, a move which was reportedly unanimously agreed upon.

"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 reiterated in his communication to staff.

Emphasising the foundational principles governing the company, Raveendran underscored the centrality of the Articles of Association and the Shareholder Agreement, augmented by established company law, in dictating the governance framework.

"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," he affirmed, reaffirming his position regarding the purported invalidity of the Extraordinary General Meeting (EGM) resolutions.

The shareholders in the edtech company filed a mismanagement and oppression suit against Raveendran in a bid to oust him from the firm, a day after the Karnataka High Court gave a March breather to the edtech founder. Further, the suit filed by the shareholders also seeks a forensic audit of the company, the appointment of a new board and the rights issue void.

Responding to the NCLT move of the investors, the edtech company issued a statement stating that the resolutions taken by shareholders are invalid and ineffective.