Majority of Byju's shareholders on Friday voted unanimously for removing founder CEO Byju Raveendran and his family from the board over alleged "mismanagement and failures" at what was once India's hottest tech startup, but the company dug in its heels, calling the voting done in absence of founders as invalid and ineffective.
Founder CEO Raveendran Byju, his wife and brother - the only three members on company board as of now - stayed away from the extraordinary general meeting (EGM) called by a group of six investors, who collectively hold more than 32% in Think & Learn (T&L), the firm that operates online tuition platform Byju's.
At the end, more than 60% of the shareholders voted in favour of all the seven resolutions, which included removing the current management, reconfiguration of the board and a third party forensic investigation into acquisitions done by the company.
