'Incorrect to say EGM won't have quorum': Investors hit back after Byju refuses to attend Friday's meet

Investors who called the extraordinary general meeting to oust CEO Byju Raveendran and his family members over alleged mismanagement said Friday's meet was  valid and fully in accordance with applicable law. 

"EGM to continue as per plan, they said, adding that it would be incorrect to say that EGM won’t have quorum if founders don’t attend. 

Edtech firm Think and Learn Private, owner of BYJU'S, said neither the company's founder and CEO Raveendran Byju nor any other board member will attend the meeting called by some select investors. 

Shareholders at Byju's are set to vote on a resolution brought by some investors to oust Raveendran and his family members over alleged "failures". 

BYJU'S has called the EGM "procedurally invalid" and contractually in contravention of the company's article of association and shareholder's agreement. "Byju Raveendran or any other Board member will not attend this invalid EGM. This means the EGM, if it is still summoned, will not have the required quorum and cannot proceed to discuss or vote on the agenda. 

"As custodians of BYJU'S, it is the responsibility of the founders to respect the established procedures of law and protect the company's integrity," BYJU'S spokesperson said. BYJU'S founders and board members jointly hold around 22 per cent stake in the company. BYJU'S founders and board members jointly hold around 22 per cent stake in the company.