{"id":45473,"date":"2023-06-22T18:06:51","date_gmt":"2023-06-22T12:36:51","guid":{"rendered":"http:\/\/officechai.com\/?p=45473"},"modified":"2023-06-22T18:12:05","modified_gmt":"2023-06-22T12:42:05","slug":"after-3-board-members-byjus-auditor-deloitte-resigns","status":"publish","type":"post","link":"https:\/\/officechai.com\/startups\/after-3-board-members-byjus-auditor-deloitte-resigns\/","title":{"rendered":"After 3 Board Members, Byju&#8217;s Auditor Deloitte Also Resigns"},"content":{"rendered":"\n<p>India&#8217;s most valuable startup seems to be imploding in real time.<\/p>\n\n\n\n<p>An hour after it emerged that three of Byju&#8217;s most prominent investors had resigned from its board, its statutory auditor, Deloitte, has also tendered its resignation. &#8220;The financial statements of the Company for the year ended March 31, 2022 are long delayed,&#8221; Deloitte <a href=\"https:\/\/twitter.com\/samidhas\/status\/1671854362174562306?s=20\">said<\/a>. &#8220;We have also not received any communication on the resolution of the audit report modifications in respect of the year ended March 31, 2021. As a result, there will be significant impact on our ability to plan, design, perform and complete the audit in accordance with the applicable auditing standards. In view of the aforesaid, we are tendering our resignation as statutory auditors of the Company with immediate effect,&#8221; they added.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" width=\"640\" height=\"336\" src=\"https:\/\/i0.wp.com\/officechai.com\/wp-content\/uploads\/2022\/11\/Collage-Maker-02-Nov-2022-06.58-PM.jpg?resize=640%2C336\" alt=\"\" class=\"wp-image-43630\" srcset=\"https:\/\/i0.wp.com\/officechai.com\/wp-content\/uploads\/2022\/11\/Collage-Maker-02-Nov-2022-06.58-PM.jpg?resize=1024%2C538&amp;ssl=1 1024w, https:\/\/i0.wp.com\/officechai.com\/wp-content\/uploads\/2022\/11\/Collage-Maker-02-Nov-2022-06.58-PM.jpg?resize=300%2C158&amp;ssl=1 300w, https:\/\/i0.wp.com\/officechai.com\/wp-content\/uploads\/2022\/11\/Collage-Maker-02-Nov-2022-06.58-PM.jpg?resize=768%2C404&amp;ssl=1 768w, https:\/\/i0.wp.com\/officechai.com\/wp-content\/uploads\/2022\/11\/Collage-Maker-02-Nov-2022-06.58-PM.jpg?w=1200&amp;ssl=1 1200w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><\/figure>\n\n\n\n<p>Just an hour ago, it had been reported that three Byju&#8217;s board members had resigned from the company. Among the board members who&#8217;ve resigned are GV Ravishankar, MD at Peak XV Partners, Russell Dreisenstock of Prosus (previously Naspers) and Vivian Wu from the Chan Zuckerberg foundation. Byju\u2019s board had comprised of these three investors, Byju\u2019s CEO Byju Raveendran, his brother Riju Raveendran, and his wife Divya Gokulnath. After the resignations, only Byju Raveendran, his brother and his wife are left on the board of the $22 billion ed-tech giant.<\/p>\n\n\n\n<p>These resignations, seemingly in unison, are the latest jolt for Byju\u2019s, which has been lurching from crisis to crisis over the last year. Byju\u2019s had delayed filing its FY21 financial results for so long that even the Indian government commented on the issue. The results hadn\u2019t made for pretty reading \u2014 Byju\u2019s had lost Rs. 4,588 crore in FY 21 \u2014 and Byju\u2019s had then proceeded to\u00a0<a href=\"https:\/\/officechai.com\/startups\/byjus-lays-off-another-1000-employees-as-ed-tech-rout-deepens\/\">lay off<\/a>\u00a0thousands of employees. Around this time, questions had been\u00a0<a href=\"https:\/\/officechai.com\/startups\/byjus-predatory-pricing-raised-in-indian-parliament\/\">raised\u00a0<\/a>in Indian parliament about Byjus\u2019 alleged misselling of courses to economically vulnerable parents, and even the country\u2019s child rights body had\u00a0<a href=\"https:\/\/officechai.com\/startups\/byjus-ceo-summoned-by-indias-child-rights-body-for-alleged-sales-malpractices\/\">summoned<\/a>\u00a0CEO Byju Raveendran for questioning.<\/p>\n\n\n\n<p>But things kept getting worse \u2014 not long after, the Enforcement Directorate had&nbsp;<a href=\"https:\/\/officechai.com\/startups\/ed-raids-byjus-ceos-home-and-offices-seizes-incriminating-documents\/\">raided<\/a>&nbsp;CEO Byju Raveendran\u2019s home, and seized incriminating documents over violation of foreign exchange laws. Since then, Byju\u2019s has seen its valuation&nbsp;<a href=\"https:\/\/officechai.com\/startups\/blackrock-cuts-byjus-valuation-from-22-billion-to-11-billion-report\/\">marked down<\/a>&nbsp;by as much as half by several investors, and the company had tried to restructure its loan obligations. Byju\u2019s had then been sued by its lenders, but it had gone on to sue them back and&nbsp;<a href=\"https:\/\/officechai.com\/startups\/byjus-skips-loan-repayment-sues-its-own-lender-for-predatory-tactics\/\">refused&nbsp;<\/a>to pay back its loans amounting to $1.2 billion. Byju\u2019s has, since then, laid off more employees, not filed its FY22 financial results, and has now seen three prominent board members resign.<\/p>\n\n\n\n<p>While it\u2019s unclear why Byju\u2019s board members and statutory auditor have resigned, it\u2019s an unusual move that signals there might be serious issues afoot at Byju\u2019s. Boards are constituted to protect shareholder and investor interests, and board seats give investors a say in the running of the companies they\u2019ve put their money into. Statutory regulators are legally responsible for the company&#8217;s financial statements. For these people to suddenly resign from their positions could indicate that they do not wish to associate with the company any longer.<\/p>\n\n\n\n<p>This could be a major blow to Byju\u2019s, and jeopardize its future fundraising prospects. But it could also end up being a blow to India\u2019s startup ecosystem as a whole \u2014 at $22 billion, Byju\u2019s is India\u2019s highest-valued startup, and for it to create enough controversies to make Netflix producers sit up and take notice might not be the best advertisement for India\u2019s fledgling startup industry.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>India&#8217;s most valuable startup seems to be imploding in real time. An hour after it emerged that three of Byju&#8217;s most prominent investors&#8230;<\/p>\n","protected":false},"author":1,"featured_media":43630,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[254],"tags":[],"class_list":["post-45473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startups"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>After 3 Board Members, Byju&#039;s Auditor Deloitte Also Resigns<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/officechai.com\/startups\/after-3-board-members-byjus-auditor-deloitte-resigns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"After 3 Board Members, Byju&#039;s Auditor Deloitte Also Resigns\" \/>\n<meta property=\"og:description\" content=\"India&#8217;s most valuable startup seems to be imploding in real time. 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