DBT Bureau
Bengaluru, 20 May
Edtech major Byju’s two prominent advisors to the board- Former SBI Chairman, Rajnish Kumar and Former CFO of Infosys Mohandas Pai- will leave their roles as both members have decided not to renew the contractual agreement beyond June 30, 2024.
“Our engagement with the company as advisors was always on a fixed-term basis for a year. Based on our discussions with the founders, it was mutually decided that the tenure of the advisory council should not be extended. Though the formal engagement concludes, the founders and the company can always approach us for any advice. We wish the founders and the company the very best for the future,” Kumar and Pai said in a joint statement. This decision marks the end of a year term with the company.
Byju’s said that both members have provided immense support to the company in the last one year.
“Rajnish Kumar and Mohandas Pai have provided invaluable support in the past year. The ongoing litigations by a few foreign investors have delayed our plans, but their advice will be relied upon in the ongoing rebuild which I am personally leading,” Byju Raveendran, founder and chief executive officer, of Think & Learn, said.
This development came at a time when Byju’s management is trying hard to turn around the company from multiple challenges, including a cash crunch, delays in financial reporting, and legal disputes with lenders and investors.
