Three board members, as well as auditor Deloitte, resigned from Byju’s

Three Board members of the embattled Ed-tech start-up Byju’s have resigned, The Economic Times reported. GV Ravishankar, managing director at Peak XV Partners (formerly Sequoia Capital India), Russell Dreisenstock of Prosus (formerly Naspers), and Vivian Wu of the Chan Zuckerberg Initiative have all resigned from the board. The investment group made the decision because the company’s handling of the lender disagreement was deemed inappropriate. According to the sources, the resignations are yet to be accepted. However, in a statement, Byju’s denied that the board members had resigned.

The report also claims that the company’s auditor Deloitte has also discontinued its association with the company. Deloitte notified Byju’s board of directors that “In light of the foregoing, we are submitting our resignation as the company’s statutory auditors with immediate effect,”. The news occurs at an hour when the Bengaluru-based ed-tech firm has been besieged by court fights with lenders, loan defaults, value markdowns by existing investors, and a much-delayed presentation for the fiscal year ending March 31, 2022, its financial reports.

Following the exit of Deloitte,  Byju’s announced that the company had chosen BDO (MSKA & Associates) as its statutory auditor for five years beginning the fiscal year 2022. BDO will examine the holding firm Think and Learn, its subsidiaries such as Aakash Education Services, and the overall group’s consolidated performance.