New Delhi: Former SBI chairman Rajnish Kumar and former Infosys Chief Financial Officer Mohandas Pai have decided to step down as members of the Think & Learn advisory council after discussions with the founders, the edtech firm said on Sunday.
Raveendran Byju, founder of Think & Learn, which owns the Byju brand, blamed some foreign investors for the delay in the company's revival, including board reconstitution, delay in financial results and resolving the liquidity crisis by opposing a US$200 million rights issue. Included.
Think & Learn formed an advisory council in July 2023 to advise the edtech firm on its way out of the crisis and improve governance.
“Our engagement with the company as an advisor was always on a fixed term basis for one year. Based on our discussions with the founders, it was mutually decided that the tenure of the Advisory Council should not be extended.
"Although the formal engagement has ended, the founders and the company can always contact us for any advice. We wish the founders and the company all the best for the future," Kumar and Pai said in a joint statement.
The contractual agreement is set to expire on June 30, 2024.
Byju said it values the engagement with the advisors and appreciates all their efforts in steering the company through turbulent times.
Raveendran said, "Rajneesh Kumar and Mohandas Pai have provided invaluable support over the past year. Our planning has been delayed due to ongoing lawsuits by some foreign investors, but their advice will be relied upon in the ongoing reconstruction, of which I am Leading personally."
Raveendran Byju, founder of Think & Learn, which owns the Byju brand, blamed some foreign investors for the delay in the company's revival, including board reconstitution, delay in financial results and resolving the liquidity crisis by opposing a US$200 million rights issue. Included.
Think & Learn formed an advisory council in July 2023 to advise the edtech firm on its way out of the crisis and improve governance.
“Our engagement with the company as an advisor was always on a fixed term basis for one year. Based on our discussions with the founders, it was mutually decided that the tenure of the Advisory Council should not be extended.
"Although the formal engagement has ended, the founders and the company can always contact us for any advice. We wish the founders and the company all the best for the future," Kumar and Pai said in a joint statement.
The contractual agreement is set to expire on June 30, 2024.
Byju said it values the engagement with the advisors and appreciates all their efforts in steering the company through turbulent times.
Raveendran said, "Rajneesh Kumar and Mohandas Pai have provided invaluable support over the past year. Our planning has been delayed due to ongoing lawsuits by some foreign investors, but their advice will be relied upon in the ongoing reconstruction, of which I am Leading personally."
