Skip to main content

Byju's in power struggle as investors fight to oust founder




Tensions Flare Between Byju's and Investors: Governance, Finances, and Leadership in Dispute

Byju's, once India's most valuable startup, finds itself embroiled in a public dispute with some of its biggest investors. The disagreement centers around governance, financial management, and leadership.

Investors, including Prosus, General Atlantic, and Chan Zuckerberg Initiative, have expressed concerns about outstanding governance issues, financial mismanagement, and compliance problems. Additionally, they seek a change in leadership structure and board composition. This move marks their **third attempt** to call for an Extraordinary General Meeting (EGM) to address these concerns.

Byju's, on the other hand, asserts that their shareholder agreement doesn't grant investors the right to vote on leadership changes. They also emphasize their efforts to resolve the situation, including forming a working group with investors and implementing business restructuring measures. Additionally, they received "encouraging responses" for their proposed $200 million rights issue, aimed at raising crucial capital.


However, Byju's leadership also blames "select investors" for creating an "artificially induced crisis" and exploiting it to push for leadership changes. They claim this led to a delay in January payroll and impacted business continuity.


Key points highlighted:

* Investors raise concerns about governance, finances, and leadership.

* Investors want an EGM to address these issues and seek leadership change.

* Byju's denies investor voting rights on leadership and emphasizes their efforts to resolve the situation.

* Byju's blames "select investors" for a fabricated crisis and its consequences.

Popular posts from this blog

Signal Introduces Usernames for Encrypted Messaging: A Secure Way to Connect

Signal, the encrypted messaging service, is launching a new feature in the coming weeks: support for usernames. This beta feature allows users to establish unique usernames, enabling connections without divulging phone numbers. source: Signal Blog To create a username, navigate to your settings and select "Profile." Once you've chosen a unique username, generate a QR code or link to share with others. Recipients can connect by entering your username into the chat bar. Usernames can be changed at any time, though previous usernames may be claimed by others. Signal began testing usernames last fall. Unlike social media platforms, Signal usernames do not serve as logins or public handles. They offer a discreet means of communication without revealing personal phone numbers. While a phone number is required to register for Signal, sharing it is optional. Usernames remain private and do not appear on profiles or in chats unless shared explicitly. As Randall Sarafa, Signal'

Safeguarding Internet Privacy: Supreme Court of Canada Upholds Protection of IP Addresses

In a recent ruling, the Supreme Court of Canada affirmed the significance of privacy rights concerning internet addresses. The court declared that police cannot simply obtain a suspect’s IP address without a court order, emphasizing the expectation of privacy that Canadian residents hold for such information. The court's decision stemmed from a case in 2017 involving Calgary police investigating fraudulent online activities at a liquor store. Initially, police demanded IP addresses from a credit card processor, which eventually led to obtaining subscriber information from Telus. This information was pivotal in making arrests and securing convictions in multiple offenses. Despite previous convictions, the accused contested the legality of obtaining IP addresses without proper authorization. The Supreme Court, in a 5-4 decision, asserted that IP addresses carry a reasonable expectation of privacy, necessitating judicial approval before access. The ruling emphasizes that obtaining jud

AT&T Resets Millions of Customer Passcodes After Data Leak: What You Need to Know

AT&T recently confirmed a significant data breach affecting over 7.6 million current customers and 65 million former customers. The leaked information, which dates back to 2019 or earlier, includes personal details like names, addresses, phone numbers, and social security numbers. Fortunately, financial information and call history were not compromised. In response to the breach, AT&T has reset passcodes for affected customers. Passcodes, usually four-digit numbers, serve as an additional layer of security when accessing accounts. However, security experts warn that the encrypted passcodes leaked alongside customer information could be easily deciphered, posing a risk of unauthorized account access. Affected customers are advised to set up free fraud alerts with major credit bureaus and remain vigilant for any suspicious activity related to their accounts. AT&T is proactively reaching out to impacted customers via email or letter to inform them about the breach and the meas