Byju’s CFO Ajay Goel Resigns, Returns To Anil Agrawal’s Vedanta
Ajay Goel, who was handling money matters as the CFO at Byju’s, has decided to leave. He had joined just six months ago and now he’s going back to his old company, Vedanta.
This happened in the middle of sorting out some major money issues, and they have not yet shared their financial results for the last year.
Ajay Goel is leaving at a very tricky time. Byju’s still has to show its financial health report for the financial year 2021-2022. On top of that, they are in a tough spot with the people who gave them a big loan of more than a billion dollars.
These issues make his exit very important. However, he thanked everyone at Byju’s and said his time there was short but impactful.
Now, the new person who will be looking after the money is Nitin Golani. He was earlier the president of finance at the company. Nitin has also been part of something big earlier.
He was important in making sure Byju’s could buy another education company called Aakash for $1 billion last year. After the buy, he took charge of some main jobs at Aakash.
If we talk about the problems Byju’s is facing right now, it’s quite a list. First, they have not shared their financial results, which they should have. The ED also raided Byju’s CEO premises in April month.
Second, they have to sort out the loan issue. They took a loan of $1.2 billion last year, and now they are talking again with the people who gave them this money.
And it’s not just about money. People are also questioning the way Byju’s does its business. There have been talks of wrong accounting and selling courses in a way that’s not correct.
On top of that, they have removed many employees from their jobs, and some investors have also left the company. So, they are in a bit of a difficult phase.