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{"id":35825,"date":"2023-06-23T21:47:25","date_gmt":"2023-06-23T21:47:25","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/06\/23\/prosus-and-sequoia-confirm-execs-resignation-from-byjus-board\/"},"modified":"2023-06-23T21:47:25","modified_gmt":"2023-06-23T21:47:25","slug":"prosus-and-sequoia-confirm-execs-resignation-from-byjus-board","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/06\/23\/prosus-and-sequoia-confirm-execs-resignation-from-byjus-board\/","title":{"rendered":"Prosus and Sequoia confirm execs\u2019 resignation from Byju\u2019s board"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/23\/prosus-and-sequoia-confirm-execs-resignation-from-byjus-board\/<\/a><\/br>
\nProsus and Sequoia confirm execs\u2019 resignation from Byju\u2019s board<\/br>
\n2023-06-23 21:47:25<\/br><\/p>\n

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

Prosus and Peak XV Partners confirmed Friday that their representatives have resigned from the board of Byju\u2019s, India\u2019s most valuable startup. The company is also reeling from the departure of its auditor Deloitte this week.<\/p>\n

The board members\u2019 resignations \u2014 which Byju\u2019s vehemently denied on Thursday \u2014 came shortly after global auditing giant Deloitte told the startup\u2019s board that it was resigning from its role<\/a>. Deloitte, which was slated to work with Byju\u2019s until 2025, said that the edtech giant had failed to hand over financial results for the year ended March 2022.<\/p>\n

A spokesperson for Peak XV Partners confirmed the departure of GV Ravishankar, a partner at the firm, from Byju\u2019s board and said the investing giant, formerly known as Sequoia India, was \u201ccommitted to supporting the company for bringing on board an independent director in order to strengthen business processes and internal control mechanisms.\u201d<\/p>\n

In a statement, a Prosus spokesperson said:<\/p>\n

\n

Prosus confirms that Russell Dreisenstock, the representing Board Director from MIH Edtech Investments, B.V. (a Prosus entity) on the board of Think & Learn Private Limited, resigned from his position. The Company is required to file the resignation letter with the MCA in India within the required time period.<\/p>\n<\/blockquote>\n

Vivian Wu of Chan Zuckerberg Initiative has also resigned from the board, halving the board\u2019s size to just three individuals: Byju\u2019s co-founders \u2014 Byju Raveendran and Divya Gokulnath \u2014 and Raveendran\u2019s brother Riju.<\/p>\n

Trouble is mounting at Byju\u2019s, which is also the most valuable edtech globally.\u00a0India\u2019s corporate affairs ministry ordered an investigation into Byju\u2019s last week<\/a> after the ministry took cognizance of \u201cvarious corporate governance lapses\u201d at the startup, television channel CNBC-TV18 reported earlier Friday \u2014 another reporting that Byju\u2019s denied.<\/p>\n

Deloitte said Thursday that it was resigning because it had not received \u201cany communication\u201d from Byju\u2019s on the status of \u201caudit readiness of the financial statements and the underlying books and records for the year ended March 31 2022.\u201d<\/p>\n

It was a d\u00e9j\u00e0 vu moment for the auditor. Byju\u2019s attracted intense scrutiny\u00a0last year<\/a> from the government, investors and creditors after it\u00a0repeatedly failed\u00a0to publish its accounts<\/a>. In September, Byju\u2019s finally published its accounts for the year ending March 2021, revealing revenue figures that fell short of its own projections<\/a>.<\/p>\n<\/p><\/div>\n

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

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/06\/23\/prosus-and-sequoia-confirm-execs-resignation-from-byjus-board\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/23\/prosus-and-sequoia-confirm-execs-resignation-from-byjus-board\/ Prosus and Sequoia confirm execs\u2019 resignation from Byju\u2019s board 2023-06-23 21:47:25 Prosus and Peak XV Partners confirmed Friday that their representatives have resigned from the board of Byju\u2019s, India\u2019s most valuable startup. The company is also reeling from the departure of its auditor Deloitte this week. The board members\u2019 resignations \u2014 which Byju\u2019s vehemently […]<\/p>\n","protected":false},"author":1,"featured_media":35826,"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-35825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\nProsus and Sequoia confirm execs\u2019 resignation from Byju\u2019s board - 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\/23\/prosus-and-sequoia-confirm-execs-resignation-from-byjus-board\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prosus and Sequoia confirm execs\u2019 resignation from Byju\u2019s board - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/06\/23\/prosus-and-sequoia-confirm-execs-resignation-from-byjus-board\/ Prosus and Sequoia confirm execs\u2019 resignation from Byju\u2019s board 2023-06-23 21:47:25 Prosus and Peak XV Partners confirmed Friday that their representatives have resigned from the board of Byju\u2019s, India\u2019s most valuable startup. 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