Byju’s parent Think & Learn Pvt Ltd (TLPL) on Friday said that investors have no voting rights on changing the CEO or the management. Its contention came a day after certain shareholders sought an extraordinary general meeting (EGM) with the intention to oust CEO Byju Raveendran and his family members from the board.

“TLPL, the parent of Byju’s, has noted with sorrow, statements from a select few investors calling for an EGM to replace founder and group CEO Byju Raveendran. Under these unfortunate circumstances, we would emphasise that the shareholder’s agreement does not give them the right to vote on CEO or management change,” a statement from the company said.

At least six shareholders of the once most valued start-up have called for an EGM to address governance, financial mismanagement and compliance issues. The investors led by Dutch investment firm Prosus have also sought the reconstitution of the board of directors.

“The resolutions being put forward for the EGM to consider include a request for the resolution of 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 to shareholders by the group of investors said.

It is learnt that these investors collectively have a stake of around 30 per cent in Byju’s. Apart from Prosus, the other shareholders reportedly include General Atlantic, Peak XV, Sofina, Chan Zuckerberg and Owl.

Their move comes at a time Byju’s has launched a $200 million rights issue, proceeds of which will be used for the “continuation of business operations, to manage obligations and to make the company more sustainable’’.