Arjun Mohan, a former upGrad CEO, has been named the new CEO of the Indian edtech firm BYJU’S. “They bought Mohan back, this time as CEO. A lot of restructuring is going on right now because of all the scrutiny,” a highly placed source at the company said.
It’s important to note that Mohan is working at BYJU’S again. He spent more than ten years as BYJU’S’s Chief Business Officer prior to this. In 2020, he left the organisation to become CEO of upGrad.
A period of controversy and public scrutiny surrounds the edtech company during the time of the leadership change. According to Business Today, the corporation has postponed staff offer letters by up to six months.
In addition, a number of former workers claimed that BYJU’S was delinquent in paying provident fund obligations to the appropriate entity, namely EPFO. Despite this, the business continued to collect employee dues. The EPFO launched an investigation into the corporation after this was discovered.
Additionally, Deloitte, BYJU’s auditor, quit last month citing a “significant impact” on its capacity to audit the company as a result of the edtech company’s refusal to give financial data despite the auditor’s repeated demands. Following this development, the Serious Fraud Investigation Office (SFIO) of the Union Ministry of Corporate Affairs began investigating the company.
Notable resignations from the company’s board of directors last month included G.V. Ravishankar of Peak XV, formerly Sequoia Capital India, Vivian Wu of Chan Zuckerberg Initiative, and Russell Dreisenstock of Prosus, representing three out of the company’s six board members, or half of the board. Only Byju Raveendran, Riju Raveendran, and Divya Gokulnath remain on the board of directors after the high-profile departures.
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