There is constant litigation, rumors, and disagreements between BYJU’S and its rivals. The NCLT’s most recent ruling resulted from a motion filed by four investors, acting through legal representation, accusing Byju’s management of mismanaging the company and oppressing the minority owners. Our company’s case has been heard in NCLT courts five times, and the fourth case against us was only filed in 2024.
Peak XV Partners Investments IV & V, General Atlantic Singapore T.P., and Sofina S.A. are the investors led by MIH Edtech Investments B.V. BYJU’S Raveendran, the company’s founder, his wife Divya Gokulnath, his sister Riju Raveendran, and nine other organizations have been named as defendants in the lawsuit by Mr. BYJU’S Education Ltd. The NCLT website lays them out as per record count.
On February 23, a power conflict between the firm’s founder and others in management destroyed BYJU’S peaceful period. The board and significant investors announced plans to remove Byju Raveendran’s founder and CEO from the board during an extraordinary general meeting (EGM).
He could have been more accommodating, though, given that he had canceled the ticket. He communicated with the staff to restate that, while appropriate, he had no disagreements with the management or current leadership group over his decision to stand down as CEO. Recognizing that his opinions were illegal and biased against the shareholders under scrutiny, Raveendran declared his intention to oppose the shareholders who had already voted to remove him.
However, how the NCLT legal dispute plays out will significantly impact the result. Things won’t be obvious until the investors settle their dispute with BYJU’S, the company’s creator.
