Once valued at over $20 billion, Byju’s has seen its valuation crash by an estimated 90 % over the past yr.

It misplaced assist of key buyers and has confronted a sequence of crises, together with the resignation of its auditor Deloitte and a authorized battle with US lenders over a $1.2 billion mortgage.

Earlier this month, a bunch of shareholders, together with tech investor big Prosus, requested a rare basic assembly (EGM) set for February 23 to oust Raveendran and appoint a brand new board.

But Byju’s stated a excessive courtroom in India’s Karnataka state had ordered that any selections taken by shareholders on the EGM could be “invalid” till the following listening to.

Byju’s stated the  purpose for the EGM have been “merely a smokescreen designed to disrupt the management, control, and functioning of the company”.

AFP has reviewed a replica of the interim order.

Investor sources advised AFP that the courtroom order didn’t prohibit the shareholder assembly from going down or declare it unlawful.

The sources added that the EGM would go forward and buyers would nonetheless push to take away Raveendran as CEO.

Byju’s has alleged that buyers, together with US development fairness agency General Atlantic and the Chan Zuckerberg Initiative, a philanthropic enterprise based by Facebook boss Mark Zuckerberg and his spouse Priscilla Chan, had violated their shareholders’ settlement by calling the EGM.

Representatives of Prosus and the Chan Zuckerberg Initiative stepped down from the Byju’s board final yr.

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