Edtech major has appointed Mohandas Pai, former CFO and Board Member of Infosys; and Rajnish Kumar, former Chairperson of State Bank of India; to its advisory council.
The company said the council will provide advice and mentorship to CEO and Co-founder Byju Raveendran, and BYJU’S board, on critical matters that shape the company’s future.
The development comes a few days after BYJU’S proposed to establish a Board Advisory Committee (BAC) to guide the CEO regarding board composition and the governance structure of the company, following Deloitte’s departure as its auditor and the resignation of three prominent board members amid conflicts with creditors over a $1.2-billion term loan B.
The edtech company believes the inclusion of the two finance and governance leaders in the advisory council will strengthen its financial governance mechanisms and drive growth and strategic decision-making.
“Their unparalleled leadership experience and deep understanding of the finance and technology domains will greatly enrich our strategic initiatives and strengthen our governance,” said Divya Gokulnath and Byju Raveendran, Co-founders of BYJU’S.
Pai’s extensive experience, including serving on regulatory authority boards, will provide valuable insights into the economy and regulatory domains, while Kumar’s leadership skills as the SBI chairperson and his experience in leading a tech startup makes him a valuable addition to the advisory council, according to the company.
“…As part of the Advisory Council, I look forward to advising the leadership in evolving the systems of governance and financial reporting, as well as to grow an organisational structure that can serve as a resilient foundation for the future of the company,” Pai said in a statement.
“…With calibrated guidance from experienced advisors who have come together to support these dynamic entrepreneurs, the company will be able to move forward and continue to contribute to this very important field of education,” Kumar noted.
Earlier today, BYJU’S roped in upGrad ‘s former CEO Arjun Mohan as the CEO of its international business.
It was reported early this week that BYJU’S is facing an inspection of its account books following a government order. The Ministry of Corporate Affairs (MCA) has requested a report within six weeks, initiating the inspection in response to an internal assessment of the edtech firm’s state of affairs.
However, BYJU’S legal advisor MZM Legal said the company has not yet received any communication from the MCA.
Recently, BYJU’S CFO Ajay Goel reaffirmed the engagement with the newly-appointed auditor BDO, aiming to complete the FY22 audit by the end of September and the FY23 audit by the end of December.
Edited by Suman Singh
