Byju’s proposes a committee of Independent Directors to advise the CEO

Byju’s, an Edtech company that is now dealing with a number of problems, is looking to form a Board Advisory Committee (BAC) that will advise the CEO. The committee will also give the CEO advice on the best governance structure for the Edtech company.

Raveendran, the CEO of Byju’s told the shareholders during the company’s Extraordinary General Meeting that the committee would be made up of independent directors. Raveendran tried to address investors’ concerns regarding the term loan B resolution, the Aakash IPO, and the company’s audit of finances for FY22 and FY23. The company’s newly recruited CFO, Ajay Goel, notified investors that the fiscal year 22 audit would be finished by September and the FY23 audit would be completed by December. Due to the postponement of the reporting of the FY22 financial statements, Deloitte announced its departure on June 22. Byju’s promoters collectively own a 21% interest in the edtech company. Byju’s also resigned, but Raveendran also assured that three board members had parted amicably and with understanding.