From Zee to Byju's to Paytm, why are board members often mute spectators of a crisis—to a great extent—of their own making? Corporate governance veteran Anil Singhvi believes this can change only if independent directors are held accountable for corporate failures. Here's how
Two new-age tech companies, which set out to revolutionise the country’s financial and education landscape for inclusive growth, met with a disastrous turn of events. The writing was on the wall for some time. But unfettered ambition, greed, and a hint of arrogance blinded the founders, marquee investors, and the board to the imminent fall.
Byju’s, an edtech giant, was valued at $22 billion less than two years ago. Its valuation crashed to under $1 billion last month. After years of alleged lapses, shareholders, collectively owning about 30 percent stake in the cash-strapped startup, have called for an EGM later this month to oust Byju Raveendran, founder and CEO, and his family members from the board.