Byju’s CFO Ajay Goel Resigns After Six Months, Returns to Vedanta Ltd

• ByStartupStory     |    October 25, 2023

Byju’s Chief Financial Officer (CFO), Ajay Goel, has resigned from his role, marking an abrupt departure just six months into his tenure. Ajay Goel was originally brought on board to enhance financial compliance within the prominent edtech firm. He will rejoin his former employer, Vedanta Ltd, commencing his new role on October 30. Byju’s has confirmed that Goel will complete his responsibilities related to the audit of the company’s 2021-22 financial statement before his departure.

It’s worth noting that the release of Byju’s audited accounts has been a longstanding issue for the company, with delays occurring over the past three years. The 2020-21 audited statements, for instance, were only filed in September 2022, following an 18-month delay. Moreover, Byju’s experienced a change in its auditing partner when Deloitte Haskins and Sells stepped down in June 2023, citing a lack of response from the company. This led to the appointment of BDO as the new auditor. The company also saw three external board members representing investors resign in June, prompting the formation of an external advisory council.

Byju’s has expressed its intention to address these challenges by appointing Nitin Golani, currently serving as the President of Finance, to take on additional responsibilities as the India CFO. Considering that the majority of Byju’s business operations are based in India, this move aims to ensure a streamlined financial strategy. Additionally, the company has welcomed Pradip Kanakia, who boasts a wealth of experience from leadership roles at Price Waterhouse and KPMG, to join its advisory council. Kanakia’s expertise in finance strategy, transformation, performance management, accounting, auditing, reporting, controls, compliance, and governance will be a valuable asset.

This development arrives amid a dispute between Byju’s and lenders concerning a $1.2 billion loan, which has prompted the exploration of asset sales. Byju’s has not paid interest on this loan since June 2023, citing ongoing litigation. As part of its plan to address this issue, Byju’s has proposed settling its outstanding debt with lenders in six months by divesting overseas assets, including the upskilling platform Great Learning and reading platform Epic.

Ajay Goel’s return to Vedanta Ltd marks his second stint with the mining-to-steel conglomerate, following his departure to join Byju’s. His expertise in finance will be crucial for Vedanta, particularly as the company is in the process of restructuring into six distinct entities. The rehiring program, known as “gharwapsi,” will see Goel back in action with Vedanta.

It is evident that Goel’s experience and skills will be pivotal for Vedanta, as the company, led by billionaire Anil Agarwal, grapples with significant loan refinancing at the holding company level, benefiting from Goel’s financial acumen. During his previous tenure at Vedanta, Ajay Goel played a vital role in driving business performance, managing financial affairs, leading the finance function, and handling regulatory approvals, investment matters, capital allocation, investor relations, and significant M&A-related affairs.

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In a related development, Vedanta disclosed the resignation of its CFO, Sonal Srivastava, with effect from October 24. Ajay Goel has previously held positions at renowned organizations like Nestle, General Electric, Coca-Cola, and Diageo.

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