The long-awaited EGM Of Byju's conducted on Friday 23rd February 2024. The shareholders voted to remove Byju Raveendran as well as his relatives from Byju's board.Shareholders who opposed CEO Byju Raveendran own greater than 60% of the shares which include Dutch companies for investment Prosus, General Atlantic, and Peak XV Partners

Are we at the final chapter of Byju Raveendran? This isn't just about the business, we're discussing the man who runs the business, Byju Raveendran. He has been in several caps over the last ten years. He was a famous creator, Rockstar CEO, and now a businessman who is in trouble.

He's been experimenting with different methods to change, but investors aren't interested in investing in the idea.

A handful of them have requested an EGM. The concept of an EGM could be defined as an extraordinary General Meeting. Indian Corporate Laws permit shareholders to organize an EGM The purpose is to discuss urgent questions. This is the reason they've decided to hold an extraordinary meeting.

A few questions regarding the people who attended this meeting, including major investors such as Chan Zuckerberg Initiative, General Atlantic, Prosus Ventures, and Peak XV. What is the reason the meeting was called? To discuss a chance, a change in leadership. To get rid of Byju Raveendran and his family members from Byju Raveendran. The report states that investors had been trying to get rid of Raveendran along with his family from the company and also bring in new names to be added.

However, there's an issue. The courts have intervened. The moment an EGM is declared Byju Raveendran appealed to the Karnataka High Court, he claimed in court that investors weren't adhering to rules. The Court agreed and granted an interim reprieve Byju Raveendran.

Any decision that is made at an EGM cannot be legally binding. If the shareholders vote to resign Byju this decision won't become applicable as long as the case is completed.

That's the reason Byju Raveendran's fate hangs by a thread till the next court hearing, which will be held on 13-13 March 2024.

We'll have to wait until we learn more about this show. In all honesty, Byju Raveendran's future does not look very promising.

Numerous petitions were brought against them by their Company Law Tribunal. All of the petitions were intended to start the process of insolvency. They wanted to declare that the institution was insolvent. A bankruptcy case was first ruled on 6 February 2024. The petition came from a firm that sells marketing, referred to by the name of Surfer Technology. Another one was submitted by a multi-national business called Glass Trust Company and the third was filed by a BPO company called Performance Business Services. All of them state the identical fact namely: declare Byju's Bankrupt seek the legal process and then sell off assets to pay off the debt. There is no looking forward to the same outcome.

Certain users from Byju are taking matters in their own hands, for instance, an adult who was at the highest in social media. They wanted an exchange of the program they'd never used for a couple of weeks of trying to obtain it. They went to the office of Byju in the nearby area and smashed down a TV that was there, then brought it to their home. We're not having a problem with this. This isn't a strategy to get back your money. There are however legal alternatives to pursue this. We are aware of the emotions of the situation.

Byju's used harsh strategies to draw customers. Their employees spoke about an unhealthy culture, like pushing products on parents who could not afford to set unrealistic goals for sales reps or instilling fear among students. This caused the growth of Byju's. But it also led to families suffering from broken relationships, and they're seeking solutions.

All Law Enforcement authorities investigating authorities are in the loop. According to reports, ED has released an alert circular for Byju Raveendran. The ED case has evolved into an entirely separate case. The case concerns an infraction of Foreign Exchange rules and how much money are we talking about? Nearly 9,300 crore INR, which is equivalent to one billion dollars.

As the walls come down to Byju Raveendran. The investors of his company are requesting his deportation. The creditors of his business have requested that he be declared bankrupt. His customers are suing for the return of their funds, and the police are attempting to get him out of the way.

It's not all that far away Byju was a symbol for India's Indian Startup Ecosystem. It was valued at $22 billion. But it's now offered to the parts market and these headlines don't reflect well regarding India Inc.