CFO Ajay Goel Quits Byju's After Audit
India”s largest edtech platform, BYJU”s, has seen its Chief Financial Officer, Ajay Goel, depart the company after serving for barely six months to rejoin his former employer, Vedanta. Goel had joined BYJU”s earlier this year, following his role as the acting CFO at Vedanta during the years 2021-2023.
Goel”s departure from BYJU”s comes as the company completes the audit process for the financial year 2022. His resignation has occurred at a crucial time, as BYJU”s is about to submit their delayed financial results for the 2021-22 financial year (April 2021 to March 2022). Furthermore, the cash-strapped Indian edtech giant has been grappling with various challenges, including a legal battle with lenders regarding the restructuring of a billion-dollar loan, the departure of investors from the director board, the resignation of former auditors, and the winding up of several ventures.
However, the company may consider industry veteran Pradip Kanakia as the senior advisor and appoint Nitin Golani, President (Finance), to assume additional responsibility as the Chief Financial Officer (CFO) for India in place of Goel.
“I thank the founders and colleagues at BYJU”S for their help in completing the FY”22 audit in three months. I appreciate the support I received during my short but impactful stint at BYJU”S,” said Goel.
In a stock exchange filing, Vedanta announced that Goel will rejoin the company, effective from October 30, 2023.
“As part of Vedanta”s structured re-hiring program called “Gharwapsi,” Mr. Ajay Goel is returning to the company,” it stated.
In the same announcement, Vedanta reported that Shrivastava has quit from the CFO post, effective from the close of business hours on October 24, “due to personal reasons.”
Goel is a national rank holder, both as a Chartered Accountant and Company Secretary, with rich experience in global multinational companies such as General Electric, Nestle, Coca-Cola, and Diageo – USL, where he held various leadership roles.
“During his earlier role at Vedanta, Ajay significantly contributed to driving business performance, managing the financial affairs of the company, and leading the finance function with his leadership acumen. He was also instrumental in successfully handling regulatory approvals, investment matters, capital allocation, investor relations, and major M&A- affairs,” Vedanta said.
