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[ad_1] BENGALURU: Early Byju 's investor Mohandas Pai and former State Bank of India chairman Rajnish Kumar will join a council aimed at addressing corporate governance issues at the edtech startup roiled by government scrutiny and a spate of high-profile resignations. The council will mentor Byju's board and its CEO Byju Raveendran on crucial matters, the company said in a statement on Thursday. The move comes weeks after board members representing investors Peak XV, Prosus and the Chan Zuckerberg Initiative stepped down. Byju's auditor Deloitte also resigned saying the startup had not submitted its financial papers for fiscal 2022. "As part of the advisory council, I look forward to advising the leadership in evolving the systems of governance and financial reporting," Pai, who first invested in the company via his venture firm Aarin Capital in 2013, said in the statement. Last month, Pai told Reuters in an interview that the startup – once India's

[ad_1] Byju's statement came in the backdrop of the report of an intelligence firm. New Delhi: Edtech major Byju's on Tuesday said its promoters have re-invested the entire amount raised by them through secondary sale of shares in the company. According to private market intelligence firm PrivateCircle Research, Byju's promoters -- Byju Raveendran, Divya Gokulnath and Riju Ravindran -- have together sold shares worth around $408.53 million in 40 secondary transactions since 2015. "The promoters of BYJU'S have reinvested the entire amounts raised from secondary sales into the business for purposes of scaling it over the years," Byju's said in a statement. The statement came in the backdrop of the report of the intelligence firm. PrivateCircle said Mr Raveendran holds 15.90 per cent, whereas Divya Gokulnath and Riju Ravindran have 3.32 per cent and 1.99 per cent, respectively. "Promoters' shareholding in the company has been gradually dropping