Byju Raveendran, the creator of eponymous edtech team Byju’s, informed staff members on Saturday at an emergency general meeting.

In that he continues to remain the chief executive of the startup and that rumors of his firing have been “greatly exaggerated,” a day after a shareholder group voted to remove him A letter that is 758-word content of that has been assessed by For Millionaires, Raveendran stated that the investors violated a few “essential” neighborhood principles.

The shareholder team, which included Prosus Ventures and Peak XV Ventures, stated in a statement on Friday that the people “unanimously passed” the resolutions that request to enact, on top of other things, dealing with governance, conformity problems, monetary mismanagement, reconstitution of their board and a modification of leadership “so that it’s no more managed because of the creators of T&L.”

At stake could be the future regarding the Bengaluru-headquartered startup, that has been after the country’s most effective.

Raveendran reported when you look at the page that the extraordinary meeting that is general the minimum quorum and failed to win majority support for proposed resolutions. Raveendran claimed the EGM was convened without adhering to the procedures set out by law and only 35 of Byju’s 170 shareholders that are total, representing around 45% ownership when you look at the business.

“This implies that whatever had been determined for the reason that conference will not count, given that it performedn’t follow the set up principles. Regardless of trial that is relentless the media, I firmly believe that the truth will inevitably prevail,” he wrote in the letter to employees.

The cash-starved startup, which has been hunting for new funding for over a year, late last month launched a rights issue, where it seeks to raise about $200 million. The rights issue resets the startup’s valuation, once at $22 billion, to about $25 million.

“Our rights issue has seen an response that is overwhelming. In reality, such was the scale of their success that even people who had been sitting regarding the fence are now actually rushing to have a bit of the activity. This energy is permanent, and our return is inevitable,” Raveendran informed staff members.

“It should really be obvious through the overhead together with news that is various, which paint a contradictory image of the consequence of yesterday’s conference, why these minority investors tend to be intention on dispersing misinformation when you look at the news. The organization will likely not stoop with their degree and take part in a media war. We’re certain that their particular activities will fundamentally fail, together with Company’s place will prevail.”(*)