Byjus

Amid the unfolding Paytm Payments Bank Ltd crisis, Institute of Chartered Accountants of India President Ranjeet Kumar Agarwal on Sunday said its financial reporting review board (FRRB) may deliberate on issues of the fintech firm in the near future. The FRRB of the statutory body is currently conducting a review of the accounts of tech-based education unicorn Byju's over alleged governance concerns, and the exercise is progressing well, the ICAI president said. "So far, we have not considered it (Paytm issue), but the…

Ranjan Pai may set the tone in all further decision-making at Byju’s coaching arm Aakash Institute, having emerged a white knight in the internecine battle at the edtech firm, people in the know said.Byju’s investors are reconciled to his acquisition of 40% in Aakash, the people said, adding that the Manipal Education and Medical Group chairman has also invested an additional Rs 250 crore as working capital and to pay salaries.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIndian…

A day after troubled edtech giant Byju's extraordinary general meeting (EGM), founder and CEO Byju Raveendran wrote to employees, informing them that he "remains the chief executive of the firm and there are no changes at the company."On Friday, a group of investors unanimously voted to oust Raveendran as the CEO of Byju's and revamp the board, which includes wife and cofounder Divya Gokulnath and brother Riju Ravindran.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIT DelhiIITD…

Byju Raveendran, the founder of eponymous edtech group Byju’s, told employees on Saturday that he continues to remain the chief executive of the startup and that rumors of his firing have been “greatly exaggerated,” a day after a shareholder group voted to remove him at an emergency general meeting. In a 758-word letter, content of which was reviewed by TechCrunch, Raveendran claimed that the shareholders violated several “essential” local rules. The shareholder group, which included Prosus…

A group of Byju’s investors on Friday voted to remove the edtech group’s founder and chief executive Byju Raveendran and separately filed an oppression and management suit against the leadership at the firm to block the recently launched rights issue in a surreal moment for the startup, once India’s most valuable. At an emergency general meeting (EGM) that concluded earlier today, a group of investors including Prosus Ventures and Peak XV Partners voted to change the leadership at the startup. The participating…

A majority of investors in Byju’s parent Think & Learn (T&L) unanimously voted to remove founder Byju Raveendran as CEO and revamp the board, which includes wife and cofounder Divya Gokulnath and brother Riju Ravindran. All the resolutions that came up for vote at the online extraordinary general meeting (EGM) on Friday were passed, according to Prosus, one of the investors. It holds just 9.1% in the troubled edtech firm, having invested more than $500 million over the years. Elevate Your Tech Prowess with…

At the extraordinary general meeting on Friday, Byju’s investors voted to remove founder and CEO Byju Raveendran. This and more in today’s ETtech Top 5.Also in this letter: ■ Razorpay CEO on 'reverse flip'■ ETtech Deals Digest■ Nvidia’s stock gain eclipses RILByju's EGM: Investors vote to oust founder from board, edtech says resolutions ‘invalid’ Byju's shareholders at the Friday extraordinary general meeting (EGM) voted on and passed resolutions for removal of the edtech firm’s founder Byju…

A group of four investors in Byju's led by Dutch investment firm Prosus on Friday moved the Bengaluru bench of the National Company Law Tribunal (NCLT), filing a petition for oppression and mismanagement of the company.The investors are seeking to remove founder Byju Raveendran as chief executive officer of the troubled edtech firm and overhauling of the board. Raveendran’s wife and Byju’s cofounder Divya Gokulnath, and his brother Riju Raveendran are the other two members of the board at Think & Learn–the parent of…

Investors in edtech firm Byju’s parent Think & Learn who called for Friday's extraordinary general meeting (EGM) were allegedly disrupted by employees of the embattled startup when the virtual call commenced around 9 am. The meeting finally began an hour late, as per attendees on the call who spoke to ET on the condition of anonymity. “Random users got in on the call and were writing messages such as ‘we need Byju’, ‘dear investors we need Byju sir’ and ‘he is the soul of the company,’” one of the attendees told…

Investors in edtech firm Byju’s parent Think & Learn Pvt. Ltd who have called today’s extraordinary general meeting (EGM) have raised concerns over the management's failure to enforce the company’s rights related to the acquisition of Aakash Educational Services Ltd (AESL), besides agreeing to “onerous” and “prejudicial” loan terms with Davidson Kempner (DK), among other matters.They have demanded the ouster of founder Byju Raveendran and his family from leadership roles in the edtech firm, accused the company of…