This comes when Byju’s investors are in the middle of an emergency meeting, ready to vote on the ouster of CEO Raveendran and his family from the board of directors of the company. The Raveendran family, however, has said that this EGM by shareholders is “illegal”.

Four shareholders in the edtech company have filed a mismanagement and oppression suit against Raveendran in the National Company Law Tribunal on Friday in a bid to oust him from the firm, a day after the Karnataka High Court ruled in favour of the CEO.

Further, the suit filed by the shareholders also seeks a forensic audit of the company, appointment of a new board and the rights issue void.