Byju’s, the leading edtech giant, has announced the appointment of Rajnish Kumar and T.V. Mohandas Pai to its newly formed board advisory council. The council, formed after an emergency extraordinary general meeting with investors on July 4th, will play a crucial role in advising and mentoring Byju’s board and its CEO, Byju Raveendran.
In a press statement, Think and Learn Pvt. Ltd, the company behind Byju’s, emphasized the council’s importance in shaping the company’s future. The appointment of Rajnish Kumar, the former chairman of State Bank of India, and T.V. Mohandas Pai, the former CFO of Infosys, highlights Byju’s commitment to enhancing its financial governance mechanisms and leveraging expert advice for sustainable growth and strategic decision-making.
Rumors that former CFO Arjun Mohan had been named CEO of Byju’s international company had been circulating earlier in the day, but Mohan emphasized that he was collaborating closely with founder Raveendran on a variety of projects and denied accepting the position. The Byju representative chose not to offer any additional commentary.
T.V. Mohandas Pai expressed his enthusiasm for advising the leadership in evolving governance systems and financial reporting, as well as building a resilient organizational structure for Byju’s future. Rajnish Kumar, a supporter of Byju through his family office Aarin Capital, brings extensive experience in strengthening compliance and governance standards, as evidenced by his work with payments firm BharatPe.
Following an urgent meeting with investors to address worries about poor corporate governance, the advisory council was established. Deloitte Haskins & Sells, Byju’s statutory auditor, recently resigned due to the company’s long-delayed financial results for FY22, among other difficulties the company had encountered. Three non-promoter board members also left their positions without giving a reason.
Additionally, Byju’s and its lenders are at odds with a $1.2 billion term loan B. Over a disputed $500 million from its US firm, Byju’s Alpha, lenders filed a lawsuit against the corporation. In response, Byju’s stopped paying back the loan’s interest and sued Redwood Capital Management and other lenders in the New York Supreme Court. The disagreement appears to be related to Byju’s failure to submit its FY22 financials in conformity.