New Delhi: On Tuesday, October 24, the Board of Vedanta announced that Ajay Goel has been appointed as the Company’s Chief Financial Officer (CFO). According to the group, he would join Vedanta on October 30. Merely half a year after joining the edtech Company, Goel left his position as Byju’s CFO.
Goel’s departure will occur just as Byju’s is about to make its FY22 financial announcement. Byju’s said on Tuesday that “Ajay Goel will return to Vedanta Ltd after completing audit formalities.”
According to their most recent financial statements, Byju’s income from operations for FY21 was Rs 2,280 crore. The business lost a staggering Rs 4,588 crore in the last fiscal year, compared to just Rs 262 crore the year before.
Deloitte Haskins & Sells, Byju’s auditor, resigned due to the financial reporting delay. Originally scheduled to audit the edtech Company through 2025, the auditor announced their resignation with “immediate effect” in the middle of the assignment, citing “the financial statements of the company are long delayed.”
In addition to the auditors, G.V. Ravishankar, Managing Director of early-backer Peak XV Partners, Russell Dreisenstock of Prosus, and Vivian Wu of Chan Zuckerberg resigned from BYJU’S board owing to concerns with corporate governance inside the firm.
“I thank the founders and colleagues at Byju’s for helping me assemble the FY22 audit in three months. I appreciate the support received during a short but impactful stint at Byju’s,” Goel stated.
Goel, who served as Vedanta’s chief executive officer until April 2023, is returning home. “Ajay was previously employed by Vedanta from October 23, 2021, until April 09, 2023, serving as the Company’s interim CFO and key managerial person. In his previous position at Vedanta, Ajay made a substantial contribution to boosting corporate performance, overseeing the Company’s finances, and leading the finance department through his leadership abilities. Vedanta stated in a statement that “He was also crucial to the successful handling of regulatory approvals, investment matters, capital allocation, investor relations, and significant M&A-related affairs.”
Additionally, Byju’s announced that Nitin Golani, the President of Finance at the moment, will take on new responsibilities as the CFO of India. Previously, Nitin Golani served as Aakash Education’s Chief Strategy Officer.
Goel has held positions with Diageo-USL, Nestle, General Electric, and Coca-Cola in the past. Goel’s appointment came ahead when Vedanta announced splitting off its Company into six entities, namely Vedanta Oil & Gas, Vedanta Aluminium, Vedanta Base Metals, Vedanta Steel, Ferrous Material and Vedanta Power and Vedanta Limited.