Karnataka High Court extended the interim protection for Byju's CEO Byju Raveendran until March 28 against any potential ousting decision by foreign investors, law news platform Bar & Bench reported.
Last month, majority shareholders called for an Extraordinary General Meeting (EGM) to remove Raveendran. On February 23, investors Prosus, General Atlantic, and Peak XV voted to dismiss CEO Byju Raveendran and his family from Byju’s.
Reacting to the court’s order Byju’s in a statement said, “In today's Karnataka High Court hearing, the court has granted time to Think and Learn to file a rejoinder to the response filed by some of the investors. The stay against the purported resolutions at the 'so called' EGM that the investors attempted to pass on 23 Feb 2024 continues and, as such, none of those resolutions can be given effect to. They are unactionable. The matter will next be heard on 28th March.”
The edtech had said that the petition filed by the investors was merely a smokescreen designed to disrupt the management, control, and functioning of the company.
In the interim order, the High Court stated that any decisions made by shareholders at the upcoming extraordinary general meeting (EGM) would not be implemented until the court issued final orders regarding BYJU’s petition challenging the shareholders' meeting.
"The decision, if any taken by the shareholders of the petitioner company in the extraordinary general meeting scheduled on Friday, February 23, shall not be given effect until the next date of hearing," the High Court said.
