BYJU's CFO quits less than seven months into the job, to return to Vedanta

BYJU's CFO quits less than seven months into the job, to return to Vedanta

FILE PHOTO: Advertising hoardings of Byju's, an education technology company and one of India's biggest startups, pictured outside a branch in New Delhi, India, June 23, 2023. REUTERS/Adnan Abidi/File Photo

BYJU’S on Tuesday said its chief financial officer Ajay Goel has resigned and will return to his former company Vedanta, less than seven months after joining the edtech firm.

The company has appointed Nitin Golani, who is currently President-Finance as the India CFO and Pradip Kanakia as senior advisor. Golani played a crucial role in the $1 billion acquisition of Aakash by BYJU’S in 2021.

Goel was earlier associated with Vedanta as its acting CFO between October 23, 2021 and April 9, 2023. His departure from BYJU’S comes as the company is under pressure to report its FY 2022 results, the delay of which also led its auditor Deloitte to resign unexpectedly.

Goel will leave the company after completing the formalities for BYJU’S FY22 audit.

Earlier this year, Deloitte, which had been serving as the company’s auditor since April 2020, tendered its untimely resignation citing a delay by the firm in filing its annual results.

Deloitte said they have also “not received any communication on the resolution of the audit report modifications in respect of the year ended March 31, 2021; the status of the audit readiness of the financial statements and the underlying books and records for the year ended March 31, 2022; and we have not been able to commence the audit as on date”.

During his earlier role at Vedanta, Goel “was instrumental in successfully handling regulatory approvals, investments matters, capital allocation, investor relations and major M&A related affairs,” Vedanta said in a regulatory filing.

“I thank the founders and colleagues at BYJU’S for helping me assemble the FY22 audit in three months. I appreciate the support received during a short but impactful stint at BYJU’S.” Goel said.

Meanwhile, Vedanta said its current CFO Sonal Shrivastava has resigned from the post.

Edited by: Pramod Mathew

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