Byju's advisory board members Rajnish Kumar and Mohandas Pai to quit
Rajnish Kumar and Mohandas Pai were roped in July 2023 by Byju Raveendran, the edtech firm's chief executive officer, to assist him on crucial subjects.
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Rajnish Kumar and Mohandas Pai, who were Byju's advisory board members, have decided to move on and to renew their contract which is slated to expire by the end of June.
Kumar and Pai were roped in July 2023 by Byju Raveendran, the edtech firm's chief executive officer, to assist him on crucial subjects.
Currently, Kumar is the chairman of Mastercard, a role he had assumed in September 2023.
Byju's, which has been embroiled in various legal battles with the investors, also saw the departure of Arjun Mohan, its CEO for India operations in April. Mohan, who was appointed in September 2023, at present, the company's day-to-day functioning, as per a media report, is being looked by Raveendran.
In March, to cost-cut effort and address the imminent liquidity crisis, Byju’s had given up all offices across India, retaining only its headquarters at IBC, Knowledge Park, Bengaluru.
This development came at a time when the company has been engaged in a dispute with its investors regarding the validity of the funds raised from a recently concluded rights issue offering.
As a result of the decision, the company mandated that all employees work from home indefinitely, except for those working out of its headquarters and approximately 300 Byju's Tuition Centres across the country.
This also came at a time when the company had held back part of February salaries for about 75 percent of its employees. The company currently has close to 14,000 employees in India. Byju's, disbursed the payments after delaying it for about 10 days and promised to pay the balance once it is allowed to use the funds from the recently closed rights issue.
