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{"id":35705,"date":"2023-06-22T22:10:18","date_gmt":"2023-06-22T22:10:18","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/06\/22\/deloitte-three-board-members-quit-edtech-giant-byjus\/"},"modified":"2023-06-22T22:10:18","modified_gmt":"2023-06-22T22:10:18","slug":"deloitte-three-board-members-quit-edtech-giant-byjus","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/06\/22\/deloitte-three-board-members-quit-edtech-giant-byjus\/","title":{"rendered":"Deloitte, three board members quit edtech giant Byju\u2019s"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/22\/byjus-board\/<\/a><\/br>
\nDeloitte, three board members quit edtech giant Byju\u2019s<\/br>
\n2023-06-22 22:10:18<\/br><\/p>\n

\n
\n\t\t\t\n\t\t<\/div>\n<\/p><\/div>\n
\n

Global giant Deloitte quit as the auditor of Byju\u2019s and three board members resigned from the most valuable Indian startup on Thursday, sending a shockwave through the industry, a year after the Indian firm\u2019s tardy financial reporting attracted global scrutiny<\/a>.<\/p>\n

Byju\u2019s, valued at $22 billion, in a statement termed Deloitte\u2019s resignation as a \u201cplanned transition\u201d and refuted resignations of its board members. Deloitte, which fanned concerns as it submitted its resignation to Byju\u2019s board, was slated to work with the Indian startup until 2025. The startup said it has appointed BDO (MSKA & Associates) as its statutory auditor.<\/p>\n

In a letter to Byju\u2019s board on Thursday, Deloitte said that it had not undertaken the auditing of the edtech giant\u2019s accounts for the year ending March 2022 and cited the delay as a reason for its resignation.<\/p>\n

It added:<\/p>\n

\n

The financial statements of the company for the year ended March 31, 2022 are long delayed. In accordance with the Companies Act, 2013, the audited financial statements for the year ended March 31, 2022 were due to be laid before shareholders in the Annual General Meeting by September 30, 2022.<\/p>\n

We have also not received any communication on the resolution of the audit report modifications in respect of the year ended March 31, 2021, status of the audit readiness of the financial statements and the underlying books and records for the year ended March 31, 2022 and we have not been able to commence the audit as on date.<\/p>\n

As a result, there will be significant impact on our ability to plan, design, perform and complete the audit in accordance with the applicable auditing standards. In view of the aforesaid, we are tendering our resignation as statutory auditors of the company with immediate effect.<\/p>\n<\/blockquote>\n

Byju\u2019s attracted intense scrutiny<\/a> last year from the government, investors and creditors after it repeatedly failed<\/a> to publish its accounts. In September, Byju\u2019s finally published its accounts for the year ending March 2021, revealing revenue figures that fell short of its own projections.<\/p>\n

The company did not address the concerns raised by Deloitte but said it extends its \u201csincere gratitude\u201d to the outgoing auditor.<\/p>\n

GV Ravishankar of Peak XV Partners (formerly known as Sequoia India and Southeast Asia), Vivian Wu of Chan Zuckerberg Initiative and Russell Dreisenstock of Prosus have stepped down from the board, a person familiar with the matter said.<\/p>\n

In response, Byju\u2019s said: \u201cA recent media report suggesting the resignations of board members from Byju\u2019s is entirely speculative. Byju\u2019s firmly denies these claims and urges media publications to refrain from spreading unverified information or engaging in baseless speculation.\u201d<\/p>\n

Byju\u2019s co-founders \u2014 Byju Raveendran and Divya Gokulnath \u2014 and Riju Raveendran continue to sit at the startup\u2019s board.<\/p>\n

The startup, also the world\u2019s most valuable education technology company, is grappling with a series of challenges. It refused to make a $40 million payment earlier this month and counter-sued its lenders<\/a>. Byju\u2019s said its lenders were operating in \u201cbad-faith negotiating tactics.\u201d Lenders allege that Byju\u2019s has technically defaulted on the loan.<\/p>\n

The startup is also cutting about 1,000 jobs as it pushes to improve its finances<\/a>. BlackRock cut Byju\u2019s valuation by nearly two-thirds to $8.4 billion<\/a> at the end of March this year, TechCrunch first reported.<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/06\/22\/byjus-board\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/22\/byjus-board\/ Deloitte, three board members quit edtech giant Byju\u2019s 2023-06-22 22:10:18 Global giant Deloitte quit as the auditor of Byju\u2019s and three board members resigned from the most valuable Indian startup on Thursday, sending a shockwave through the industry, a year after the Indian firm\u2019s tardy financial reporting attracted global scrutiny. Byju\u2019s, valued at $22 […]<\/p>\n","protected":false},"author":1,"featured_media":35706,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-35705","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\nDeloitte, three board members quit edtech giant Byju\u2019s - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/06\/22\/deloitte-three-board-members-quit-edtech-giant-byjus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Deloitte, three board members quit edtech giant Byju\u2019s - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/06\/22\/byjus-board\/ Deloitte, three board members quit edtech giant Byju\u2019s 2023-06-22 22:10:18 Global giant Deloitte quit as the auditor of Byju\u2019s and three board members resigned from the most valuable Indian startup on Thursday, sending a shockwave through the industry, a year after the Indian firm\u2019s tardy financial reporting attracted global scrutiny. 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