This is an archive article published on July 25, 2023

Prosus NV says Byju’s ‘regularly disregarded’ former director’s advice

Prosus, which this year slashed its valuation of Byju's to $5.1 billion from $22 billion last year, said the decision for its director to step down from Byju's board last month was mainly because he was "unable to fulfil his fiduciary duty to serve the long-term interests of the Company and its stakeholders."

Byju's has let go of thousands of employees this year while grappling with multiple legal and financial woes. (File image)

By: Reuters

1 min readBengaluruJul 25, 2023 12:38 PM IST First published on: Jul 25, 2023 at 12:36 PM IST

Prosus NV, an investor in Indian educational technology startup Byju’s, said on Tuesday that the troubled company’s directors “regularly disregarded advice” despite repeated efforts by the Dutch-listed technology firm’s former director.

Prosus, which this year slashed its valuation of Byju’s to $5.1 billion from $22 billion last year, said the decision for its director to step down from Byju’s board last month was mainly because he was “unable to fulfil his fiduciary duty to serve the long-term interests of the Company and its stakeholders.”

Byju’s did not immediately respond to a request for comment.

The Indian startup has let go of thousands of employees this year while grappling with multiple legal and financial woes.