The investors of Think & Learn, the parent company of Byju’s, who called for the extraordinary general meeting on Friday, allegedly faced disruptions when the virtual call commenced around 9 am.

According to sources, the meeting began an hour late to complete the roll call and verify attendees as hundreds of individuals attempted to join the meeting. Additionally, people joined the meeting impersonating other investors, sources added.

“The day started with a phishing attack attempting to disrupt the meeting. Attendees received a random notification from an unidentified source stating that the meeting was cancelled. However, the EGM kicked as per schedule at 9 am IST,” said sources close to the development.

From 170 people who tried to join, the total attendees was reduced to 37 after verification of pre-authorised names, said sources requesting anonymity.

“Several Byju’s representatives tried to join in without process and ambushed the meeting. When asked to introduce themselves, there was no response, this was clearly an ambush to delay the proceedings but the meeting is underway as planned,” said another attendee.

While, other sources also noted that Byju’s employees posted emotional pleas in the chatroom before being abruptly removed from the Zoom session. Some of the messages expressed sentiments such as “Byju sir is the soul of this company,” “You are violating the Karnataka High Court order by organising this illegal EGM. What about us? We are the real stakeholders of BYJU’S,” and “Byju’s was, is, and will always be led by Byju sir.”

Meanwhile, Raveendran, his co-founder and wife Divya Gokulnath, and his brother Riju Ravindran decided to skip the meeting, as reported by businessline, even though the EGM will continue as planned. The three board members hold about 26.3 per cent of the shares in Byju’s, while the investors seeking their removal have a shareholding of over 30 per cent, as of June 2022.

These investors include General Atlantic, Chan Zuckerberg Initiative, Owl Ventures, Peak XV Partners (formerly Sequoia Capital India & SEA), Sands Capital Global Innovation Fund, Sofina, and T Rowe Price Associates.

The EGM was called by a group of investors seeking the removal of founder Byju Raveendran as the company’s CEO. The investors are also seeking changes to the board, which consists of Raveendran, his wife and co-founder Divya Gokulnath, and his brother Riju Raveendran. The three are the only board members at Byju’s parent firm.

On Wednesday, the Karnataka High Court had passed an order, asking Byju’s shareholders not to bring in effect any resolutions expected to be passed during the extraordinary general meeting (EGM) organised by select investors of the edtech giant Byju’s until the final hearing of its plea.

Byju’s rights issue to raise $200 million at a valuation cut of 99 per cent, has been fully subscribed, as stated by Raveendran in a shareholder letter earlier this week. The company’s founder is set to invest $45-46 million in rights issue to preserve his shareholding in the company.

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