Three Key Members Resign From Byju's Board; Edtech Firm Denies Media Reports Calling It 'Baseless Speculation' The sources aware of the matter reportedly said that there was a meeting of Byju's investors on Sunday where these board members informed shareholders about their resignations
By Teena Jose •
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Three board members of Byju's have tendered their resignations owing to differences with founder Byju Raveendran on key operational matters, according to media reports.
According to an ET report, the board members who have stepped down are GV Ravishankar from Peak XV Partners, Russell Dreidenstock from Prosus, and Vivian Wu- Chan Zuckerberg Initiative. Riju Ravindran, Byju Raveendran, and Divya Gokulnath are other remaining members of the board at the company.
But the edtech firm denies the media reports calling it baseless speculation. "A recent media report suggesting the resignations of board members from Byju's is entirely speculative. Byju's firmly denies these claims and urges media publications to refrain from spreading unverified information or engaging in baseless speculation. Any significant developments or changes within our organisation are shared through official channels and announcements. We request media outlets to rely on verified sources and official statements for accurate information regarding Byju's," said a spokesperson of the firm, in a statement.
Meanwhile, a close source, aware of the matter, reportedly revealed that there was a meeting of Byju's investors on Sunday where these board members informed shareholders about their resignations.
"Since last year, there have been ongoing differences between the founders and the board over the way in which the company was run. There was divergence in the way Byju Raveendran approached lender management. The founders did not listen to board members and investors and there was no transparency in the way the company was operated. The trust-building was lacking," MoneyControl quoted sources as saying.
Apart from this, Deloitte Haskins & Sells resigned as Byju's auditor with immediate effect, the report added. Byju's has now appointed BDO (MSKA & Associates) as statutory auditors.
Earlier this week, the company had reported the layoffs of around 1000 employees. The board members' departure also comes at a time when Byju's is looking to take Aakash Educational Services, its most-successful acquisition to date, public by mid-2024. The board of Byju's had formally approved the Aakash IPO in early June.
