Edtech unicorn Byju’s suffered a twin blow with its statutory auditor and three external board members stepping down, adding to troubles for the company battling lenders, lawsuits, and a funding winter.
Deloitte Haskins & Sells, which audited the books of Byju’s parent Think & Learn Pvt. Ltd for six years, announced its resignation on Thursday with immediate effect, citing long-delayed financial statements for the year ended 31 March 2022. Last year, Deloitte was appointed auditor for Byju’s-owned Aakash Educational Services Ltd and unit Aakash EduTech Pvt. Ltd.
Separately, all three external directors of Think & Learn submitted their resignations earlier this month, two people aware of the development said. The directors represent Peak XV (formerly Sequoia Capital), Chan Zuckerberg Initiative (CZI), and Prosus Ventures. Peak XV owns around 6% in Think & Learn, while CZI owns 2.5-3%, and Prosus 9%. The resignations were discussed at a shareholders’ discussion on Sunday, the people cited above added.
“The company has 30 days legally before it needs to tell the Registrar of Companies about the resignations," one of the two people said.
This story is from the June 23, 2023 edition of Hindustan Times.
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This story is from the June 23, 2023 edition of Hindustan Times.
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