Resigned from Byju’s board due to poor reporting, governance structures: Prosus

livemint.com:

Byju’s, who resigned in June, revealed the reasons for leaving the board. “Despite repeated efforts from our Director, executive leadership at Byju’s regularly disregarded advice and recommendations relating to strategic, operational, legal, and corporate governance matters.

The decision for our Director to step down from the Byju’s Board was taken after it became clear that he was unable to fulfil his fiduciary duty to serve the long-term interests of the Company and its stakeholders," the statement said. In June, when the three non-promoter directors on the board resigned, the company initially denied the reason behind it.

It released a statement saying they took the decision due to the shareholding of the investors falling below a certain level. GV Ravishankar, representing Peak XV (formerly Sequoia India), Vivian Vu representing Chan Zuckerberg Initiative and Russel Dreinstock representing Prosus resigned from the board leaving Byju Raveendran, his wife Divya Gokulnath and brother Riju Raveendran as the only board members.

The company said it is in the process of reconstituting its board and is looking to onboard independent members soon. Earlier this month, it brought on board TV Mohandas Pai, former chief financial officer of Infosys and Rajnish Kumar, the former chairman and managing director of State Bank of India as part of a new council that will help the promoters nurse back the company to health.

In an interview with Mint, Rajnish Kumar had said that they would advise Byju's on governance matters and organisational structure and that Raveendran is bound to listen to them. On Monday, in a joint statement, Byju’s and its lenders said they have reached a consensus on restructuring its $1.2 billion term loan B.