Byju's Investors Vote to Oust Founder as CEO Amidst Legal and Financial Turmoil

The company contests the vote's validity, citing procedural issues, as it faces a 90% valuation decline and legal challenges.

Byju's investors, including Prosus and Peak XV Partners, voted to remove founder Byju Raveendran as CEO during an extraordinary general meeting.
The company claims the vote is 'invalid and ineffective' due to the absence of a quorum, as founders did not attend the meeting.
The Karnataka High Court ruled any decisions made at the meeting would be 'invalid' until the next hearing, adding legal uncertainty to the situation.
Byju's faces significant challenges, including a 90% decline in valuation, legal troubles, and financial mismanagement allegations.
The Enforcement Directorate has upgraded its Look Out Circular against Raveendran, barring him from leaving the country amid a FEMA probe.