Edtech giant Byju’s faces new NCLT challenge: Oppression, mismanagement suit filed by 4 investors

Also Read | Byju’s EGM casts out founders, but company says not yet

The plea, listed for hearing before a bench of judicial member K Biswal and technical member Manoj Kumar Dubey, was filed by a group of investors, including MIH Edtech Investments B.V, Peak XV Partners Investments IV & V, Sofina S A, and General Atlantic Singapore TL Pte. Ltd. As per the NCLT website, the suit names Byju’s founder Byju Raveendran, his wife Divya Gokulnath, his brother Riju Raveendran, and nine other entities as respondents, the report further added.

Also Read | Byju’s: Battle for control

The mirage of calm at Byju’s vanished on February 23, with a battle for the Edtech firm’s control out in the open between significant investors and its founder. Rebellious investors called an extraordinary general meeting (EGM) where 60% of shareholders reportedly voted out founder and Chief Executive Officer Byju Raveendran, along with the board.

Also Read | Gloves on: Not taking allegations lying down, remain CEO, says Byju Raveendran

Byju Raveendran, Chief Executive Officer of Byju’s, however, claimed to employees that he retains control of the company he founded and that he plans to challenge shareholders who have voted to oust him, as reported by Mint.

“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,” Raveendran said in a letter to employees on Saturday. “I am not taking any of these allegations lying down and will challenge these illegal and prejudicial actions.”

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Published: 27 Feb 2024, 09:43 AM IST