Byju's EGM Updates: Votes Being Counted, Results Expected Soon
Byju's has maintained that the EGM is 'procedurally invalid'.
The extraordinary general meeting called by major investors of Byju's to vote on the ouster of Chief Executive Officer Byju Raveendran and remove his family as board members faced significant disruption on Friday.
It took an extended amount of time to complete the mandatory roll call process as there were troubles in verifying the identities of those attempting to join, according to persons with knowledge of the developments.
There were hundreds of individuals that joined the Zoom call link and attempted to impersonate the company’s investors as well, the persons said on the condition of anonymity.
They said there was also an attempt to not let the meeting begin, with a notification received by attendees that the meeting stood cancelled.
However, the meeting then proceeded, and the voting was completed on several resolutions, including improving governance, financial mismanagement and compliance issues, alongside a rejig of the family-led board and a change in leadership of the company, they said.
The votes are now being collated by an independent scrutineer, and results are expected by 4 p.m.
Byju's has maintained that the EGM is "procedurally invalid" and in contravention of the company's articles of association and shareholders' agreement. As a result, Byju Raveendran, his family members Divya Gokulnath and Riju Raveendran, and directors have not joined the meeting.
The company secured an order from the Karnataka High Court on Wednesday, deeming any resolutions proposed for the EGM as ineffective until the next hearing.
