Byju’s CFO Resigns and Returns to Vedanta to Oversee Restructuring Efforts
GG News Bureau
New Delhi, 24th Oct. Vedanta Ltd. has chosen the chief financial officer of ed-tech giant Byjus to replace the current finance head, who reportedly resigned after only a few months in the position. This change comes ahead of a significant restructuring at Anil Agarwal’s mining conglomerate, according to insiders.
The individual named Ajay Goel will be rejoining Vedanta, a company he left in April, to assist with the division of the metals firm into six separate listed companies. These sources, who wish to remain anonymous as the information is not public, also revealed that Sonal Shrivastava, who joined the company in June, informed Agarwal of her intention to resign last month. A decision regarding her departure is expected as early as this week, as reported by Bloomberg on Monday.
Representatives for Byjus and Vedanta have not yet responded to requests for comments.
Vedanta Resources Ltd., the parent company, faces approximately $3 billion in bond repayments over the next two years. Having a professional with previous experience at the group, such as Ajay Goel, will assist Anil Agarwal in navigating this challenge. The company has been in discussions with bondholders regarding potential restructuring of the terms for the upcoming maturities.
Meanwhile, Ajay Goel’s resignation will be a setback for Byjus, which has yet to submit the long-delayed audited financial results for the year ending March 31, 2022.
Shareholders are becoming increasingly impatient with the slow progress in finalizing accounts at the ed-tech startup, which was once considered India’s most valuable.
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