They are the only board members at Think & Learn—parent of Byju’s. The company claimed the EGM is ‘invalid’.
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Sources close to the investor group seeking the change at the troubled edtech firm said they are going ahead with the EGM on Friday morning.
“This EGM is procedurally invalid, contractually in contravention of our AOA (article of association) and SHA (shareholding agreement), legally on the wrong side of the Companies Act, 2013,” the statement said, adding that the EGM, if it is still summoned, will not have the required quorum and cannot proceed to discuss or vote on the agenda.
On Wednesday, the Karnataka High Court had passed an interim order directing that any resolutions passed at Friday’s proposed extraordinary general meeting would be contingent upon its final decision on a petition filed by the edtech firm against the investors. The matter has been listed for next hearing on March 13.
Byju’s filed a petition in the court challenging the EGM called by a group of investors claiming that by calling for an EGM, the investors violated the shareholders’ agreement.
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The cash-strapped edtech firm’s petition is against investors including Prosus, General Atlantic, Chan Zuckerberg Initiative, Owl Ventures, Peak XV Partners (formerly Sequoia Capital), SCI Investments, SCHF PV Mauritius, Sands Capital, Sofina and T Rowe Price Associates.Byju’s, once India’s most valued privately-held startup at $22 billion, continues to face a severe cash crunch. Its founder Raveendran told shareholders on Wednesday that the proposed rights issue for $200 million has been fully subscribed, which pegs the value of the company at $220 million after the investment.
