I continue to remain CEO, management remains unchanged: Byju Raveendran
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New Delhi: Byju Raveendran in a letter to his company Byju’s employees on Saturday said he continues to remain as its CEO, refuting the media reports about efforts to dethrone him.
The reports a day earlier claimed the investors of his company held a meeting to oust him as the CEO, which he termed as ‘greatly exaggerated and highly inaccurate’.
‘I am writing 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,’ the letter read, according to NDTV.
Calling ‘business as usual’ at Byju’s, Raveendran said ‘To reemphasise, the rumours of my firing have been greatly exaggerated and highly inaccurate.’
It is reported that shareholders Friday voted ‘unanimously’ to remove Raveendran from the board.
Responding to the report, Raveendran said: ‘Just as you can't change the rules of a game midway without agreement from all players, we can't alter how our company is run without following these strict guidelines.’
Calling the Extraordinary General Meeting (EGM) a ‘farce’, Raveendran said it violated essential rules.
‘At yesterday's Extraordinary General Meeting (EGM), a lot of these essential rules were violated. This means that whatever was decided in that meeting does not count because it didn't stick to the established rules. It is crucial for everyone to understand the specific issues that make this EGM a farce,’ he reportedly said.
Calling the shareholders’ meeting ‘irrelevant’, he said claims by the ‘minority shareholders’, passing the resolution, are ‘completely wrong’.
He reportedly claimed that only ‘Only 35 out of 170 shareholders (representing around 45% of shareholding) voted in favour of the resolution. That in itself shows the very limited support that this irrelevant meeting received.’