BYJU’S CHIEF FINANCIAL OFFICER RESIGNS TO REJOIN VEDANTA

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Ajay Goel, the Chief Financial Officer (CFO) of Byju’s, has stepped down from his position at the edtech firm after just six months and is returning to Vedanta Ltd, which is currently undergoing significant restructuring. In response, Byju’s has appointed industry veteran Pradip Kanakia as a Senior Advisor, while Nitin Golani, the President of Finance, has taken on the additional role of India’s Chief Finance Officer (CFO) to manage the company’s financial operations.

In a separate statement, Vedanta, led by Anil Agarwal, announced that Sonal Shrivastava had resigned as its CFO, effective as of the close of business on October 24, 2023, citing personal reasons. Vedanta’s board has approved the appointment of Ajay Goel as the new CFO, effective October 30, 2023, as part of their structured re-hiring initiative known as “Gharwapsi.” Goel brings extensive experience from global multinational companies such as General Electric, Nestle, Coca-Cola, and Diageo USL, where he held various leadership roles. He previously served as the Acting CFO of Vedanta from October 23, 2021, to April 9, 2023, contributing significantly to the company’s business performance, financial management, and regulatory affairs, as well as playing a crucial role in matters related to investments, capital allocation, and investor relations.

Goel expressed his gratitude to the founders and colleagues at Byju’s for their support in swiftly assembling the 2021-22 audit, despite his relatively short but impactful tenure at the company. He will transition to his new role at Vedanta after completing the formalities of the financial year 2021-22 audit. Byju’s had planned a board meeting in the second week of October to finalize the results, but it had to be postponed due to Goel’s ongoing resignation process. The auditing process will be finalized by the auditor BDO (MSKA & Associates) following due diligence, as the CFO’s resignation has a significant impact on the company’s audit process.

Byju’s initially announced Ajay Goel’s appointment as Group CFO in April, but due to internal restructuring, he assumed responsibility for finance at the Indian level. Subsequently, Deloitte resigned as the auditor in June, citing a delay in the submission of financial statements for the fiscal year ending March 31, 2022. BDO (MSKA & Associates) was appointed as the new auditor following Deloitte’s resignation.

Pradip Kanakia is a seasoned professional with over 35 years of experience, having held leadership positions at Price Waterhouse and KPMG. He has conducted audits for prominent Indian and multinational companies and possesses expertise in finance strategy, transformation, performance management, accounting, auditing, reporting, controls, compliance, and governance.

Nitin Golani, previously the Chief Strategy Officer at Aakash Education, played a pivotal role in Byju’s acquisition of Aakash for $1 billion in 2021 and transitioned into an operating role at Aakash post-acquisition. He began his career at Grant Thornton Bharat and has held positions at MetLife and Accenture Strategy.

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