Rajneesh Kumar and Mohandas Pai withdrew from Byju's advisory committee, founder Ravindran said this

Former State Bank of India (SBI) chairman Rajneesh Kumar and former Infosys Chief Finance Officer Mohandas Pai have decided to step down as members of the company's advisory council after discussions with the founders of Think and Learn.

Ravindran Byju, founder of Byju's brand owner Think & Learn, blamed some foreign investors for the delay in the company's revival. His attitude caused the company to face a liquidity crisis due to restructuring issues, delayed financial results, and a refusal to sell $200 million of shares.

Think & Learn formed the advisory council in July 2023 to advise the edtech firm on how to come out of the crisis and improve governance.

Kumar and Pai said in a joint statement, "Our engagement with the company as advisors has always been on a fixed-term basis for one year. Based on our discussions with the founders, it was mutually decided that The tenure of the Advisory Council should not be extended. Although the formal engagement has ended, the founders and the company can always contact us for any advice. We wish the founders and the company all the best for the future."

This contractual agreement is set to expire on June 30, 2024. Meanwhile, Byju's said it values engagement with advisors and we greatly appreciate all their efforts in navigating the company during difficult times.

The company said that Rajneesh Kumar and Mohandas Pai have provided invaluable assistance over the past year. Our plans have been delayed due to ongoing litigation from some foreign investors, but their advice will be relied upon in the reconstruction of the company, which I am personally leading.