![>](data:image/svg+xml;charset=utf-8,<svg height="683" width="1024" xmlns="http://www.w3.org/2000/svg" version="1.1"/> "Byju's top investors confirm exit from board 3")
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Prosus Peak
The resignations of board members – which Byju vehemently denied on Thursday – came shortly after global accounting giant Deloitte told the startup’s board that it was stepping down from office. Deloitte, which was set to work with Byju’s until 2025, said the edtech giant didn’t provide financial results for the year ending in March 2022.
A spokesperson for Peak on strengthening business processes and internal controls.”
In a statement, a Prosus spokesman said:
Prosus confirms that Russell Dreisenstock, Executive Vice President of MIH Edtech Investments, BV (a Prosus company) on the board of Think & Learn Private Limited, has resigned. The company is required to submit the termination letter to the MCA in India within the required timeframe.
In a statement, the Chan Zuckerberg Initiative confirmed that Vivian Wu has resigned from the Byju board. The resignations halve the size of the board to just three people: Byju’s co-founders – Byju Raveendran and Divya Gokulnath – and Raveendran’s brother Riju.
In a statement, a Byju spokesman said management is working with investors to fill the board and said departing members have resigned because their ownership has fallen.
“The need for a reconstitution arose as few investors had to vacate their board seats because their shareholdings fell below a minimum threshold required under our SHA. We want to reassure all stakeholders that we are actively working to build a diverse and high-quality Board of Directors commensurate with the size and scope of the company.”
Problems mount at Byju’s, the world’s most valuable education technology company. India’s Corporate Affairs Ministry last week ordered an investigation into Byju’s after the ministry became aware of “various corporate governance misconduct” at the startup, TV channel CNBC-TV18 reported earlier Friday — another report Byju’s denied .
Deloitte announced on Thursday that the company is resigning because it has received “no notification” from Byju’s regarding the status of “audit readiness of the financial statements and underlying books and records for the year ended March 31, 2022.”
It was a déjà vu experience for the examiner. Byju’s has come under intense scrutiny from the government, investors and creditors over the past year after it repeatedly failed to release its financial reports. Finally, in September, Byju’s released its financial statements for the year ended March 2021, revealing sales figures that fell short of its own forecasts.