Peak XV Partners managing director (MD) GV Ravishankar has resigned from the board of Think & Learn Pvt Ltd, which is the parent company of Byju’s, a spokesperson for Peak XV Partners confirmed on Friday, June 23.
"GV Ravishankar, MD, Peak XV Partners has resigned from the board of Think & Learn Pvt Ltd. We are committed to supporting the company for bringing on board an independent director in order to strengthen business processes and internal control mechanisms," a spokesperson of Peak XV Partners said.
A day earlier, Ravishankar and two other board members, Vivian Wu of Chan Zuckerberg Initiative and Russell Dreisenstock of Prosus were reported to have resigned from the board of Byju’s, but the edtech company had refuted the same.
Sources told CNBCTV-18, “differences between the management and the board members had been building up over time, and there was no immediate trigger for the resignation”.
Deloitte Haskins & Sells also resigned as Byju’s auditor on Thursday, citing delays in filing of financial statements and resolution of audit modification of 2021-22 financial statement.
Later, in a statement, Byju's conveyed that they have been involved in productive dialogues with investors regarding the restructuring of the board, which includes the addition of independent directors.
"The management has been engaging with investors in constructive discussions on the reconstitution of the board at BYJU'S, including the induction of independent directors. The need for reconstitution arose as few investors had to vacate the board seat due to their shareholding falling below a minimum required threshold as per our SHA."
"We want to reassure all stakeholders that we are actively working towards constituting a diverse and world-class board commensurate with the company’s size and scale."
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