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Byju’s hits back at investors; writes a letter to employees
Byju’s went on to accuse the investors of conspiring against them during the moment of crisis.
In the letter, the edtech company also went on to highlight another delay in the payment of salaries. They attributed it to ‘artificially induced crisis by the select investors’. (Image source: Moneycontrol)
A day after a group of Byju’s investors had launched a campaign to oust the leadership, the management at Byju’s hit back at them in a letter addressing the employees. They went on to accuse the investors of conspiring against them during the moment of crisis, reported Moneycontrol.
The letter read, “"...We must address an unfortunate development. Certain investors, seeing the crisis we faced, saw it as an opportunity to conspire and demand the stepping down of our founder as the group CEO of BYJU'S. We are pained to see this action from a few of the investors who should have supported us in our fight at these challenging times, instead of directly speaking to the media. The founders are the largest investors and the greatest fighters for BYJU’S,”
The management at Byju’s went on to state that the $200 million rights issue which was announced earlier this week for the existing shareholders had been oversubscribed, stated the Moneycontrol report.
The letter to the employees came a day after the investors sought an extraordinary general meeting (EGM) in terms of adopting resolutions on governance, financial mismanagement and compliance issues.
The resolutions that were put forward were also to reconstitute the Board of Directors. This was so that it was no longer controlled by Think & Learn, Byju’s parent company. This is followed by a change in the leadership of the company.
In the letter, the edtech company also went on to highlight another delay in the payment of salaries. They attributed it to ‘artificially induced crisis by the select investors’.
However, the management has provided assurance that starting today, salaries would be paid in a phased manner and the process will be completed by February 5.
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