There have been resignations on a large scale from Byju. Apart from three board members, a firm has also resigned from the post of auditor.
The difficulties of Byju’s, the company providing online teaching facility, are not reducing. According to a report on June 22, three board members of Byju’s have tendered their resignation citing differences with founder Byju Raveendran on key operational matters. Along with this, an auditor has also resigned from his post.
According to the report of CNBC TV18, GV Ravi Shankar of Sequoia Capital, Vivian Wu of Chan Zuckerberg and Russell Dresenstock of Prosus have resigned from the board. Apart from this, audit firm Deloitte has distanced itself from the post of auditor due to delay in providing financial information from Byju’s side.
Why Deloitte parted ways with Byju’s?
Deloitte Haskins & Sells, the firm chosen to audit Byju’s till 2025, has distanced itself from it with immediate effect, citing the delay in the company’s financial statements. The company said in its circular that due to delay in getting the information, it has not been able to start the audit work. The company said that it would not be able to complete the work on time as per the norms. In such a situation, she is leaving the post of audit.
Appointment of new auditor
Byju’s appointed BDO as the new auditor after Deloitte stepped down. Byju said that this will help in compliance with the highest standards of financial review and accountability. At the same time, no information has been revealed about why three board members have resigned.
Now who’s in the Board Mandal?
After so many resignations from Byju, now only Chief Executive Officer and Founder Byju Ravindran, his wife Divya Gokulnath and brother Riju Ravindran are left in the board members. However, now the company has rejected it outright. Significantly, Byju has filed a legal case against the lenders in a US court for debt payment of $ 1.2 billion and has accused the lenders of harassment.
