BYJU's investors seek ouster of founders
New Delhi, Feb 1: Around six investors in Think and Learn Private Limited, which operates under BYJU's brand, have called for an extraordinary general meeting to address issues at the edtech major and oust founders from having control over the firm, sources aware of the development said.
The investors led by Dutch investment firm Prosus in the EGM notice have requested the resolution of the outstanding governance, financial mismanagement and compliance issues and the reconstitution of the Board of Directors.
"The resolutions being put forward for the EGM to consider include a request for the resolution of the outstanding governance, financial mismanagement and compliance issues, the reconstitution of the Board of Directors so that it is no longer controlled by the founders of T&L and a change in leadership of the Company," the notice sent to shareholders by the group of investors said.
According to a source, who did not wish to be identified, the notice has been backed by General Atlantic, Peak XV, Sofina, Chan Zuckerberg, Owl, and Sands, who jointly account for around 30 per cent stake in BYJU's.
As per the notice, a consortium of BYJU's shareholders had in July and December also requested the board of directors for the meeting but the same was disregarded.
BYJU's did not immediately respond to the query in this regard.
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Four held for Rs 6.79 cr loot at Mumbai jewellery shop; thermal drones used to scan forest hideouts
Mumbai (PTI): Four persons were arrested after an intense 48-day manhunt deep inside the forests of Rajasthan for allegedly stealing jewellery worth Rs 6.79 crore from a shop in north Mumbai, a police official said on Monday.
The theft of gold, silver and diamonds from the safe of complainant Sanket Porwal's shop in IC Colony in Borival West took place in January, the MHB police station official said.
"Our probe found that shop employees Prabhu Singh and Narayan Singh allegedly used a duplicate key to unlock the safe and flee with the valuables. Technical analysis traced them to Rajasthan, following which a team went there. The trail eventually led investigators to the dense forest regions of Rajsamand district in the western state," he said.
The accused avoided staying in villages and continued to move deeper into the forest to avoid arrest, the official said. They also kept moving from Rajsamand to Chittorgarh, Sardargarh and Pali districts, he added.
"For 48 days, police officers camped in the jungles, relying on human intelligence and advanced surveillance techniques. Thermal drones were used to scan forest zones where the accused were suspected to be hiding. Further probe revealed the involvement of others identified as Ganpat Singh, Kishan Singh and Mod Singh," he said.
One key accused was traced to a temple located deep inside a forest near Muwariya village in Rajsamand district, while two others were picked up from Kuwariya village based on a tip off, the official added.
Three kilograms of gold worth Rs 4.5 crore as well as five kilograms of silver worth Rs 15 lakh have been seized, and efforts are on to recover the remaining loot, he said.
