Byju’s advisory council, comprising of veterans Rajnish Kumar and Mohandas Pai, won’t be renewed for a second time period.
“Byju’s operator Suppose & Study Pvt. and the 2 advisory board members — Rajnish Kumar and Mohandas Pai — have mutually determined to not renew the contractual settlement scheduled to finish on June 30, 2024,” an announcement on Sunday learn.
Primarily based on our discussions with the founders, it was mutually determined that the tenure of the advisory council shouldn’t be prolonged,” Kumar and Pai stated in a joint assertion.
“Although the formal engagement concludes, the founders and the corporate can all the time method us for any recommendation,” the 2 added.
“Rajnish Kumar and Mohandas Pai have offered invaluable help previously 12 months. The continued litigations by a number of international traders have delayed our plans however their recommendation shall be relied upon within the ongoing rebuild which I’m personally main,” Byju Raveendran, Founder & CEO, Suppose & Study, stated.
Byju’s woes over the previous 18 months have been effectively documented, with no less than 5 insolvency petitions in opposition to it within the Nationwide Firm Regulation Tribunal, other than a bitter battle with main traders, who’ve voted to oust Raveendran and reconstitute the board with out Raveendran’s household.
The corporate’s valuation additionally tumbled throughout this era, from $22 billion in October 2022 to solely about $25 million at the moment.
