Following months of behind-the-scenes dispute, Byju’s plus some of the biggest people are now actually openly airing their particular issues about each other.

Byju’s, once India’s many startup that is valuable said Friday its investors do not have the voting right to seek leadership changes, a day after a group of shareholders called for an extraordinary general meeting to remove founder Byju Raveendran and his family from the top roles at the edtech group.

In a press release, Byju’s said it will continue its deliberation to raise $200 million in a rights issue, for which it has received responses that are“encouraging multiple people.”

Separately, Byju’s management informed the staff early in the day Friday that the rights that are ongoing has already received commitments for “more than 100 percent of the proposed amount.” They blamed investors for “seeing the crisis” as an “opportunity to conspire” and demand the removal of Raveendran.

The leadership at Byju’s also blamed the “artificially induced crisis” by select investors for the delay that is“slight for making the January payroll.

Investors including Prosus, General Atlantic, Peak XV and Chan Zuckerberg Initiative stated in a statement Thursday that it is no longer controlled by the founders of T&L; and a change in leadership of the Company.”

This is the third time the investors have sought an extraordinary general meeting (EGM) that they seek a resolution of the “outstanding governance, financial mismanagement and compliance issues; the reconstitution of the Board of Directors, so. The request that is new Byju’s starting the liberties problem to increase money it stated had been required for its success. The startup that is bengaluru-headquartered once valued at $22 billion and which has raised over $5 billion, reset its valuation to $25 million in the rights issue, For Millionaires previously reported.

Here is the full Friday statement of Byju’s:

Think & Learn Private Limited, the parent of BYJU’S, has noted with sorrow, statements from a select few investors calling for an extraordinary meeting that is generalEGM) to change president and team CEO Byju Raveendran. Under these circumstances that are unfortunate we would emphasise that the shareholder’s agreement does not give them the right to vote on CEO or management change.

TLPL will continue with the proposed $200 million rights issue after receiving responses that are encouraging several people. The business is gladened by the assistance obtained by an extensive area of its investors

The criticality for the liberties problem was distributed to all investors, with money being crucial for a turnaround that is successful. Unfortunately, the ongoing organization and our workers tend to be having to pay the cost for a stand-off set off by some people. Company continuity is important, and we also shall prioritise this inside our activities.

Byju Raveendran along with his management staff have actually kept TLPL afloat after three people left the company’s board year that is last triggering a broader crisis. The company, along with the board that is advisory of Rajneesh Kumar and Mohandas Pai, constituted a functional group because of the people to get a constructive means ahead.

The organization as well as its management have actually updated the group that is working all crucial matters, including ongoing business restructuring, financial position and audits. TLPL has been turning around the business, cutting the burn that is monthly close functional breakeven and dealing on an AI-led technical refresh shortly. In framework, those things of some unnamed people tend to be troublesome at a time that is highly challenging

TLPL will remain on the path of dialogue even as the founders and the leadership find ways to meet the company’s mounting obligations, including salary payouts. We want to re-emphasise that the company has not had any investor that is external for almost 2 yrs independent of the president infusing over $1 billion — a reason the reason why it established a rights problem as an instant and fair option to boost money.(*)