BYJU's investors want founders to be sacked: Read the notice sent to shareholders

A group of

BYJU's investors

want the company's founders to be sacked. Around six investors in Think and Learn Private Limited, which operates under

BYJU's

brand, have reportedly called for an extraordinary general meeting to address issues at the edtech major. The agenda includes oust founder Byju Raveendran from having control over the company, sources aware of the development told news agency Reuters.
The investors led by Dutch investment company Prosus in the EGM notice have requested the resolution of the outstanding governance, financial mismanagement and compliance issues and the reconstitution of the Board of Directors.

Notice to shareholders
"The resolutions being put forward for the EGM to consider include a request for the resolution of the outstanding governance, financial mismanagement and compliance issues, the reconstitution of the Board of Directors so that it is no longer controlled by the founders of T&L and a change in leadership of the company," the notice sent to shareholders by the group of investors said.

According to a source, who did not wish to be identified, the notice has been backed by General Atlantic, Peak XV, Sofina, Owl, and Sands, who jointly account for around 30 per cent stake in BYJU's. Some reports also claim that the move had the backing of Chan Zuckerberg Initiative, a philanthropic venture founded by Facebook founder Mark Zuckerberg and his wife Priscilla Chan.
Incidentally, as per the notice, a consortium of BYJU's shareholders had in July and December also requested the board of directors for the meeting but the same was disregarded.

The statement was shared by Prosus, which has a roughly 9% stake in Byju's. The statement further added that it had the backing of a "number of major investors", without naming them. Others supporting the statement include Sofina and Peak XV, formerly known as Sequoia Capital India, according to a source with direct knowledge of the matter.
Last year, Deloitte resigned as auditor of Byju's after the edtech company delayed financial statements for the year ending March 31, 2022. Deloitte said that it did not receive necessary documents even after writing several letters to the board.