by Prosus, a major investor in BYJU’S, has raised concerns about the company’s reporting and governance practices. In a letter to the company’s board of directors, Prosus said that it has repeatedly raised concerns about these issues, but that its advice has been disregarded.
Prosus is concerned about the accuracy of BYJU’s financial reporting. The company has also raised concerns about the lack of transparency in BYJU’s corporate governance. Prosus is particularly concerned about the role of BYJU’S founder and CEO, Byju Raveendran, in the company’s governance.
Prosus has asked BYJU’S to appoint an independent chairman and to strengthen its corporate governance practices. The company has also said that it will vote against the re-election of Byju Raveendran as chairman at the company’s next annual general meeting.
Here are some additional details about the story:
- Prosus is a Dutch multinational investment company that owns a 21% stake in BYJU’S.
- The letter from Prosus to BYJU’S was first reported by the Economic Times.
- BYJU’S has not yet responded to the letter from Prosus.
Here are some quotes from Prosus executives:
- “We have repeatedly raised concerns about BYJU’S reporting and governance practices,” said Bob van Dijk, CEO of Prosus. “We are disappointed that our advice has been disregarded.”
- “We believe that BYJU’S needs to take urgent steps to address these concerns,” said van Dijk. “We are calling on the company to appoint an independent chairman and to strengthen its corporate governance practices.”
Overall, Prosus’s concerns about BYJU’S reporting and governance practices are a significant development. The company’s letter to BYJU’S board of directors is a rare public rebuke of a major Indian company. It remains to be seen whether BYJU’S will take Prosus’s concerns seriously and take steps to address them.”
