New Delhi, Feb 22 (IANS): Key investors in edtech major Byju's will go ahead with the extraordinary general meeting (EGM) on Friday for a vote to remove Byju Raveendran as the company's CEO, despite a court order that any decision, taken during the EGM, "shall not be given effect to till the next date of hearing".
Sources told IANS on Thursday that the majority of investors are set to vote in favour of Raveendran’s removal from the company which is facing regulatory hurdles amid cash crunch.
On Wednesday, the Karnataka High Court ordered that any resolutions, proposed to be passed in the meeting called by select Byju's investors to appoint a new board, will not hold ground until the final hearing and disposition of the petition filed by Think & Learn Private Ltd, the parent company of Byju’s.
The edtech major had filed the petition under Section 9 of The Arbitration and Conciliation Act, 1996.
Meanwhile, the Enforcement Directorate (ED) has asked the Bureau of Immigration (BOI) to issue a look-out circular (LOC) against Raveendran, according to sources.
The move came as the agency's Bengaluru office is currently investigating alleged Foreign Exchange Management Act (FEMA) violations against the company and its founder.
A LOC 'on intimation' was also issued against Raveendran more than a year and a half ago.