Serial entrepreneur and investor Ronnie Screwvala held Byju Raveendran and investors responsible for the mess the company is currently in.
Screwvala, who was speaking at the second edition of the ASU+GSV & Emirtus Summit in Gurugram, however backed the Indian edtech story, saying that 'one rotten apple' should not affect the entire sector.
“They (investors) felt that it was more important in board meetings to ask when's your next secondary versus ‘I don't see a CFO’ and so that one single aspect I don’t think is going to hold the whole education sector to ransom."
Screwvala had in a post on X expressed support for the decision of Byju’s major shareholders to remove the current management and rejig the board.
“If people had asked questions, they're now beginning to ask, four years back - it could have been a very different story," Screwvala was quoted as saying in a Moneycontrol report.
A consortium of shareholders with over 30 per cent stake in Byju’s are reportedly planning to approach the National Company Law Tribunal seeking a management change if the extraordinary general meeting scheduled for next week near Friday fails.