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
Anil Singhvi, chairman, ICAN Investment Advisors
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.