BENGALURU, July 25 (Reuters) – Prosus NV (PRX.AS), 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 fulfill 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.
Byju’s, once India’s most valuable startup, counts investors such as General Atlantic and BlackRock among its backers, but has seen its auditor Deloitte and multiple investor board members resign in recent weeks.
Reporting by Indranil Sarkar in Bengaluru and Aditya Kalra in New Delhi; Editing by Savio D’Souza and Jamie Freed
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