BYJU's investors meet to remove founders from the app
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New Delhi: Investors in BYJU's meet to remove the app's founders' control over it and to address other issues. Those met were around six investors in the Think and Learn Private Limited, which operates under BYJU's brand, PTI reported.
The investors led by Dutch investment firm Prosus in the EGM notice have requested the resolution of the outstanding governance, financial mismanagement and compliance issues and the reconstitution of the Board of Directors.
"The resolutions being put forward for the EGM to consider include a request for the resolution of the outstanding governance, financial mismanagement and compliance issues, the reconstitution of the Board of Directors so that it is no longer controlled by the founders of T&L and a change in leadership of the Company," the notice sent to shareholders by the group of investors said.
According to a source who did not wish to be identified, the notice has been backed by General Atlantic, Peak XV, Sofina, Chan Zuckerberg, Owl, and Sands, who jointly account for around 30 per cent stake in BYJU's.
As per the notice, a consortium of BYJU's shareholders had in July and December also requested the board of directors for the meeting but the same was disregarded.
BYJU did not immediately respond to the query in this regard.