The Board of Vedanta on Tuesday, October 24, said that it has approved the appointment of Ajay Goel as the Chief Financial Officer (CFO) of the company with effect from October 30, 2023. Goel has resigned as Byju's CFO barely six months after joining the edtech major.

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As part of Vedanta’s structured re-hiring program called ‘Gharwapsi’, Goel joins back the company, Vedanta said in a filing.

"We wish to inform you that the Board of Directors of the company, at its meeting held today, has considered and on the recommendation of the Audit and Risk Management Committee and the Nomination and Remuneration Committee, approved the appointment of Ajay Goel as the Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the company with effect from October 30, 2023," the company said.

Goel will be returning to Vedanta, which he had quit in April, in time to help with splitting the metals firm into six listed companies, according to a Bloomberg report.

Last month, Vedanta Ltd had approved a plan to split itself into six listed companies. Agarwal hopes the move will attract investors directly to key businesses and improve the valuation of its component parts. The shake-up would also make it easier to sell some assets to reduce its parent’s debt load, something the billionaire has long avoided.

Sonal Shrivastava, who had joined Vedanta in June, informed Agarwal about her plan to quit last month due to personal reasons.

Goel’s resignation will be a setback for Byju’s, which is yet to file the much delayed audited financial results for the year to March 31, 2022.

Goel’s departure follows Deloitte quitting the startup in June 2023, alongside three of Byju’s key board members.

Meanwhile, Byju's has announced the appointment of Pradip Kanakia as the senior advisor and Nitin Golani, who is currently the President - Finance, to take up an additional responsibility as India CFO. Golani was previously the Chief Strategy Officer at Aakash Education.

Vedanta shares were trading over 2% higher at Rs 219.90 apiece on the NSE today. The stock has plunged 31% so far this year, compared to a 6% gain in Nifty during the same period.

First Published:Oct 24, 2023 9:58 AM IST