Byju’s appointed former State Bank of India Chairman Rajnish Kumar and ex-Infosys Ltd. chief financial officer T.V. Mohandas Pai to its advisory council as the Indian education startup tries to contain the fallout from corporate governance lapses.
(Bloomberg) — Byju’s appointed former State Bank of India Chairman Rajnish Kumar and ex-Infosys Ltd. chief financial officer T.V. Mohandas Pai to its advisory council as the Indian education startup tries to contain the fallout from corporate governance lapses.
The council at Byju’s, formally called Think & Learn Pvt., will play a key role in advising the company’s board and former teacher-turned CEO Byju Raveendran, the company said in a statement Thursday.
Byju’s, once valued at $22 billion, is in turmoil after skipping payments on a $1.2 billion loan and losing its auditor and some of its board members. Adding to its troubles, the Indian government has ordered an inspection into its finances and accounting practices, Bloomberg previously reported.
The appointments “underscore Byju’s commitment to enhancing its financial governance mechanisms and leveraging expert advice,” the company said.
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