BYJU’s CFO Ajay Goel Quits After FY22 Audit, Firm Gives Additional Responsibility Of India CFO To Nitin Golani

The Indian edtech giant informed that Goel will return to Vedanta after finishing the formalities involved in the FY22 audit. 

Edtech firm Byju’s Chief Financial Officer, Ajay Goel, quit the company after the audit process for the fiscal year 2021-22 was completed, the firm said in a statement on Tuesday. The Indian edtech giant informed that Goel will return to Vedanta and it has brought in industry veteran Pradip Kanakia as the senior adviser. Byju’s also said that President (Finance) Nitin Golani has been provided the additional role of India Chief Finance Officer (CFO) to take care of the finance wing of the firm. 

Goel said, “I thank the founders and colleagues at BYJU'S for helping me assemble the FY'22 audit in three months. I appreciate the support received during a short but impactful stint at BYJU'S,” as reported by PTI. Byju’s informed that Goel will move on after finishing the formalities involved in the FY22 audit. 

The report cited anonymous sources and said that the firm had earlier scheduled a board meeting for the second week of October to adopt the results, but the meeting couldn’t take place due to Goel’s resignation in process. While the firm’s audit process for FY22 has been completed by Goel, the auditor BDO (MSKA & Associates) will sign off the audit after completing it’s due diligence as the CFO’s exit could have a material impact on the firm’s audit process, the source noted. After BDO finishes the process, the result for FY22 will be presented before the edtech’s board for adoption. 

Notably, Byju’s announced Goel’s appointment earlier this year in April's first week as the Group CFO, but he was handed over the responsibility of seeing finance at India level due to internal restructuring. Goel has now resigned after working at the company for six months. 

Earlier in June, Byju’s auditor, Deloitte, submitted it’s resignation, within two months of Goel’s appointment, explaining a delay in the submission of financial statements for FY22 as the reason for the exit. Deloitte, in a letter to Byju’s board, had said that it is resigning as the auditor of Think & Learn three years before it’s contract expires citing a long delay in the firm’s financial statement for the fiscal year ended March 31, 2022. After Deloitte Haskins and Sells resigned, Byju’s names BDO (MSKA & Associates) as the firm’s auditor. 

Kanakia, appointed by Byju’s as the senior advisor, earlier worked in leadership positions at Price Waterhouse and KPMG. Byju’s founders Byju Raveendran and Divya Gokulnath expressed their gratitude to Goel for his contributions during his tenure as the CFO. Commenting on his new role, Golani said, “I am committed to ensuring that BYJU'S growth is robust and sustainable. My endeavour now is to maximise shareholder value by optimising financial performance.”