Bengaluru: Edtech firm Byju's said on Friday that investors such as Prosus calling for a change of its leadership don't have the power to vote out its CEO, deepening a standoff between investors and the startup which has been hit by a series of crises.
On Thursday a group of shareholders, including tech investor Prosus, called for the removal of founder Byju Raveendran, saying they were "deeply concerned about the future stability of the company under its current leadership and with the current constitution of the Board".
Byju's, controlled by billionaire Raveendran, was one of India's hottest startups and valued at $22 billion in 2022.
More recently, however, it has seen its auditor Deloitte and board members resign, and it has faced a U.S. lawsuit disputing terms and payment of a loan.
The company has laid off thousands of employees and seen its valuation nosedive in recent months.
"Unfortunately, the company and our employees are paying the price for a stand-off triggered by some investors," Byju's said in a statement on Friday.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)