Rajnish Kumar and Mohandas Pai to step down from BYJU's advisory council

BYJU's problems seem to have no end as top investor TV Mohandas Pai and former chairman of SBI Rajnish Kumar will leave the advisory board of the edtech firm. On June 30, the two will conclude their one-year term on the advisory committee. A representative for BYJU'S said in a statement that both Kumar and Pai, along with the edtech behemoth, had "mutually" agreed not to extend their contract.

In a joint statement, Kumar and Pai also claimed that their “engagement” with the company was only on a fixed-term basis for a year.

“Our engagement with the Company as advisors was always on a fixed term basis for a year. Based on our discussions with the founders, it was mutually decided that the tenure of the advisory council should not be extended. Through the formal engagement concludes, the founders and the company can always approach us for any advice. We wish the founders and the company the very best for the future,” Kumar and Pai said in a joint statement.

BYJU’S cofounder and CEO Byju Raveendran added, “Rajnish Kumar and Mohandas Pai have provided invaluable support in the past year. The ongoing litigation 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”.

“Characterising a routine move as “a setback” is exaggerated and attention-seeking. TLPL values the engagement with the Advisors and greatly appreciates all their efforts in navigating the company through turbulent times,” as per the company’s official statement.

The troubled edtech firm had then said that the advisory council will guide the board and Chief Executive Officer (CEO) Byju Raveendran in matters related to the company to bolster corporate governance guardrails.