Amid a series of setbacks, edtech major Byju’s has announced that its parent company, Think & Learn Private Limited (TLPL), and two advisory board members - Rajnish Kumar and Mohandas Pai - have mutually decided not to renew the contractual agreement scheduled to end on June 30, 2024.

According to the company, Rajnish Kumar, a former chairman of SBI, and TV Mohandas Pai, the former CFO and Board Member of Infosys, had joined the advisory board last July to offer advice and guidance to Byju’s Board and its CEO, Byju Raveendran, on critical matters that play a pivotal role in shaping the company’s future.

“Our engagement with the Company as advisors was always on a fixed term basis for a year. Based on our discussions with the founders, it was mutually decided that the tenure of the advisory council should not be extended. Though the formal engagement concludes, the founders and the company can always approach us for any advice. We wish the founders and the company the very best for the future,” said Kumar and Pai in a joint statement.

The company in a statement said that characterising a routine move as “a setback” is exaggerated and attention-seeking. Additionally, TLPL said it values the engagement with the Advisors and greatly appreciates all their efforts in navigating the company through turbulent times. 

“Rajnish Kumar and Mohandas Pai have provided invaluable support in the past year. The ongoing litigations by a few foreign investors have delayed our plans but their advice will be relied upon in the ongoing rebuild which I am personally leading,” Byju Raveendran, Founder & CEO, Think & Learn, said.

In September of last year, the company had appointed Arjun Mohan, as the CEO of its India business, replacing Mrinal Mohit, but he has also resigned from his position in a little over six months after he took over, with founder Byju Raveendran resuming daily operational responsibilities. 

(Inputs from bl intern Vidushi Nautiyal)