Byju's auditor BDO resigns, second auditor resignation in roughly a year! Dark Knight Returns

- Byju's auditor BDO (MSKA & Associates) has resigned, citing lack of transparency and pending legal issues. - The resignation letter highlighted inadequate support from Byju's management in providing necessary audit information. - Byju's co-founder Byju Raveendran called the resignation a blackmail tactic, claiming compliance with all auditor requests. - BDO requested a forensic audit after Byju's admitted insolvency in July and mentioned loss of control over some subsidiaries. - This marks the second auditor resignation in 15 months, following Deloitte's exit last year over delayed financial statements. Source: [Entrackr](https://entrackr.com/2024/09/byjus-auditor-resigns-over-lack-of-transparency-founder-cries-foul/)

"BYJU’S grew considerably since our first investment in 2018, but, over time, its reporting and governance structures did not evolve sufficiently for a company of that scale. Despite repeated efforts from our Director, executive leadership at BYJU’S regularly disregarded advice and recommendations relating to strategic, operational, legal, and corporate governance matters. The decision for our Director to step down from the BYJU’S Board was taken after it became clear that he was unable to fulfil his fiduciary duty to serve the long-term interests of the Company and its stakeholders." https://techcrunch.com/2023/07/24/prosus-questions-byjus-governance-says-indian-edtech-regularly-disregarded-advice/?tpcc=tcplustwitter

Arjun Mohan will be Byjus new CEO

Unacademy CFO Subbu has resigned. Shit doesn't seems to stopping any soon for Unacademy. How many more folks from senior leadership will have to resign before investors throw Mr Munjal out of the company?

Heard that there has been some senior management connect, where in due to financial constraints & lack of new round of funding. Some folks will be asked to leave. This is a complete 360 from the conversation they had in Mar’23 where in an appraisal was on the cards

"We have looked at the audited financials and our CFO wanted to jump out the window rather than sign on them. We have therefore decided to not release them at all. Hopefully, people will eventually forget that we promised multiple dates."

Scary times for Byjuites

- Byju's, once valued at $22 billion, faces insolvency proceedings, likely forcing thousands of employees to quit and shutting down services. - The company, backed by investors like Prosus and General Atlantic, has faced job cuts, valuation collapse, and investor disputes over corporate governance. - An Indian tribunal triggered insolvency after a $19 million payment dispute with the cricket board, freezing Byju's assets and suspending its board. - Vendors may default, leading to a total shutdown of Byju's online platforms, according to CEO Byju Raveendran's court appeal. - Byju's, with 27,000 employees, became popular during the pandemic for online courses and in-person coaching; the court will hear the case on Monday. Source: Reuters