BYJU'S EGM to Oust CEO: Karnataka HC Refuses Stay
Feb 21, 2024 21:53
Karnataka HC refuses to stay an EGM called by investors of BYJU'S to remove CEO Byju Raveendran and family from leadership. The court granted an interim relief, preventing implementation of any resolutions passed at the EGM before the next hearing.
Photograph: Kind courtesy byjuslearningapp/Facebook.com
New Delhi, Feb 21 (PTI) Karnataka High Court on Wednesday refused to stay an emergency shareholder meeting called by select investors of Think and Learn Pvt Ltd -- the owner of BYJU'S -- to oust the company's CEO Byju Raveendran and his family from the leadership in the edtech firm.
BYJU'S had approached the Karnataka High Court seeking a stay on the EGM but the court only gave an interim relief that any resolution passed at the EGM on Friday cannot be implemented before the next court hearing.
"It is further submitted that the conditions for convening the Extraordinary General Meeting (EGM) are not complied and no notice is issued as contemplated under Section 100 (3) of the Companies Act 2013," the court order said.
It further passed an interim order that "the decision, if any taken by the shareholders of the petitioner company in the EGM scheduled on February 23, 2024, shall not be given effect to, till the next date of hearing," the order said.
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