Byju's advisory council, comprising of veterans Rajnish Kumar and Mohandas Pai, will not be renewed for a second term.
"Byju's operator Think & Learn Pvt. and the two advisory board members — Rajnish Kumar and Mohandas Pai — have mutually decided not to renew the contractual agreement scheduled to end on June 30, 2024," a statement on Sunday read.
Based on our discussions with the founders, it was mutually decided that the tenure of the advisory council should not be extended," Kumar and Pai said in a joint statement.
"Though the formal engagement concludes, the founders and the company can always approach us for any advice,” the two added.
“Rajnish Kumar and Mohandas Pai have provided invaluable support in the past year. The ongoing litigations by a few foreign investors have delayed our plans but their advice will be relied upon in the ongoing rebuild which I am personally leading,” Byju Raveendran, Founder & CEO, Think & Learn, said.
Byju's woes over the past 18 months have been well documented, with at least five insolvency petitions against it in the National Company Law Tribunal, apart from a bitter battle with major investors, who have voted to oust Raveendran and reconstitute the board without Raveendran's family.
The company's valuation also tumbled during this period, from $22 billion in October 2022 to only about $25 million currently.
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