Byju's advisory council to step down, not renewing contracts
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Byju's advisory board members Rajnish Kumar and Mohandas Pai
New Delhi: Amidst a funding scarcity, two senior advisory board members of the struggling ed-tech firm Byju's, Rajnish Kumar and Mohandas Pai, have refused to renew their contractual agreements, which will tend to expire on June 30.
The development came as the edtch company is battling several issues, including delayed salaries amid a cash crunch. "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," said Byju Raveendran, Founder and CEO, Think & Learn.
Byju’s said it values the engagement with the advisors and appreciates their efforts in navigating the company through turbulent times. "Based on our discussions with the founders, it was mutually decided that the tenure of the advisory council should not be extended. Though the formal engagement concludes, the founders and the company can always approach us for any advice," Kumar and Pai said in a joint statement. Earlier this month, Raveendran asked staff to pull the plug on aggressive selling, while slashing course prices by up to 30 per cent.
Source: IANS