Shareholders vote to oust Byju's founder and CEO Byju Raveendran

KOCHI: In what could become a legal battle, major Byju's shareholders including Prosus NV and Peak XV Partners voted to oust Byju Raveendran, its founder as chief executive officer.

Byju's rejected the resolutions, which also sought to remove Byju Raveendran from the board of the company.

"The resolutions passed during the recently concluded extraordinary general meeting - attended by a small cohort of select shareholders - are invalid and ineffective," the statement of Byju's reads.

A spokesperson for Prosus declined to comment, while Peak did not immediately respond to a request for comment.

The incident is another clear signal of displeasure with the once-celebrated entrepreneur, who boycotted the meeting.

The shareholders' decision came after hours-long Zoom call for investors and management on Friday that several Byju's employees tried to crash, according to two people who attended.

Online-education pioneer Byju's and its creditors have been involved in a prolonged restructuring conflict after the firm missed an interest payment on a $1.2 billion loan. A unit of the company was put into bankruptcy in the US after the default.