Two Byju’s buyers affirm board members stepping down

Reuters | | Posted by Singh Rahul Sunilkumar

Two prime buyers in Byju’s confirmed on Friday that their representatives had resigned from the board of the as soon as high-flying Indian startup, which has been battling stress from lenders amid a steep drop in its valuation.

Byju’s was asking its three international buyers to rethink their determination (Shutterstock)

The resignations of GV Ravishankar of Peak XV Partners, earlier Sequoia Capital India, and Russell Dreisenstock of Prosus may exacerbate troubles at Byju’s, which was valued at $22 billion final 12 months.

“We’re dedicated to supporting the corporate for bringing on board an unbiased director with a view to strengthen enterprise processes and inside management mechanisms,” Peak XV Companions mentioned in a press release to Reuters.

The affirmation of resignations comes after sources advised Reuters that three Byju’s board members, together with a consultant from Chan Zuckerberg Initiative, had stop not too long ago.

Chan Zuckerberg Initiative didn’t instantly reply to a request for remark.

Information of their departure got here on Thursday, the identical day Deloitte disclosed it was resigning as the corporate’s auditor as a result of Byju’s had delayed monetary statements for 2021-22 and never supplied paperwork, even after sending a number of letters to its board.

ALSO READ | TCS hit by ‘bribe for jobs’ scandal; four executives sacked: Report

When Reuters requested Byju’s in regards to the resignations earlier this week, the corporate mentioned the data was “fully speculative” and firmly rejected these claims.

Sources advised Reuters on Friday that Byju’s was asking its three global investors to reconsider their decision to stop its board.

Source link

Disclaimer:

The RSS feed information web site offers information articles from varied sources for informational functions solely. The positioning doesn’t assure the accuracy, reliability, or completeness of the data introduced. Customers ought to confirm info from different sources and use it at their very own danger. The positioning doesn’t endorse any explicit viewpoint or product talked about within the articles. Exterior hyperlinks supplied are for comfort solely, and the positioning just isn’t answerable for their content material. By utilizing this web site, customers comply with the above disclaimer.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *