Recently in an Emergency General Meeting or EGM, the CEO and founder of Byju’s, Byju Raveendran discussed several things with his shareholders. One of those things was the setting up of a board advisory committee or BAC.
After the EGM, Byju Raveendran told his shareholders that Byju have decided to set up a committee that will guide and advise Raveendran in important decisions.
Who will be the members of the BAC?
According to Byju Raveendran, another emergency general meeting will be held after three weeks. In that meeting, the members of the board advisory committee will be decided.
The reason behind forming a board advisory committee was the rising concerns and issues of investors and shareholders of Byju’s. The CEO and founder has finally decided to resolve their issues.
Raveendran also explained what the committee will be and its operations. According to Byju Raveendran, the committee will consist of different directors.
The directors of this committee will have expertise and experience in diverse backgrounds. Thus, it will further enhance the firm’s credibility with its shareholders.
The primary function of the committee will be to guide and advise the CEO on crucial matters and issues. Issues concerning governance, strategizing, and composition will be under the committee.
In the meeting, Byju Raveendran also talked about the term loan of the educational firm. According to the CEO, there have been constant negotiations with the lenders. The CEO also added that most probably the firm will have a positive outcome from the negotiations.
The CEO further said that all discussions with the lenders have been constructive and active. Hence, there is nothing wrong with being optimistic about the negotiations. He also said that the firm as well as the lenders is interested in the negotiation.
Even though there were rumors about a change in the CEO of the firm, nothing is yet confirmed from the firm’s end. A source has stated that the rumors were nothing more than fake news.