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🤔Is Byju's EGM held on 23rd Feb 2024 (Today) to remove founder Byju Raveendran as CEO valid? Let us know your answers and check your understanding of Corporate Law!
Corporate & Other Laws
The EGM called by shareholders with a combined stake of over 32% in Think & Learn Pvt Ltd (company owning BYJU's). The shareholders of edtech major Byju’s on Friday voted to remove founder Byju Raveendran as the CEO of the company. “Shareholders unanimously passed all resolutions put forward for vote. These included a request for the resolution of the outstanding governance, financial mismanagement and compliance issues at Byju’s; the reconstitution of the board of directors, so that it is no longer controlled by the founder of T&L; and a change of leadership of the company,” However, the company has rejected the vote and termed the process ‘invalid’ as the founders were not present during the Extraordinary General Meeting that was held on Friday. Let us know your answers!
Answers (14)
there are 2 possible ways 1st EGM prospective as egm called by mambers and (assume that aa the rules have been followed for calling valid egm) and the resolution passed for removal of CEO and other directors is valid and at the same time appointment of other directors in place of retired/removed one 2nd mismanagement in this scenario egm called by minority holders can be challange if it's suppressed the rights of majority but still waiting for the actual technical answer glad to know
Thread Starter
CA Suraj Lakhotia AdminSo is the company contention valid?
it's a debatable topic as NCLT is involved in this scenario and just founders and the top leadership is boycotted this meeting and the members move this motion on the base of the mismanagement for precise analysis need more details
HEMAVATHYSUBRAMANI SUBRAMANI
Can anyone explain me the exact happening today in egm i gone through article in money control still not clear
the investor has moved a motion for removing the CEO and all directors through EGM as byju's raised money by issuing the right shares at valuation of near around 200mil $ , nd in last to last year byju's valuation was 22 billion$ ab tum 22 billon $ se 200 million $ tak pohcho ge to investors to bhadkega hi na ..
As for my knowledge, since EGM is called by shareholders owning stake of 32%, assuming special notice are given to all the members and concern parties stating all the resolutions in the notice to be passed and other requirements are complied, are satisfied to call/conduct an EGM. And for business to be passed, SR is required - here shareholders have passed 'unanimously' - the business is valid and 'reconstitution should be valid'
On Wednesday, the Karnataka High Court extended an interim relief to the beleaguered edtech company and Founder Byju Raveendran by placing the decisions made by BYJU'S shareholders during the EGM on February 23 on hold until the next hearing on March 28.
Thread Starter
CA Suraj Lakhotia AdminOn Wednesday, the Karnataka High Court extended an interim relief to the beleaguered edtech company and Founder Byju Raveendran by placing the decisions made by BYJU'S shareholders during the EGM on February 23 on hold until the next hearing on March 28.
During the hearing, BYJU’S counsel argued that there were serious discrepancies in the affidavits filed by the investors’ representatives and this potentially amounted to “perjury”. The court directed both sides to make submissions on the issue before the next hearing.
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