advisory to advise a series of board exist
and financial woes and to assuage investors as lawsuit
are snapping ties as the company got embroiled
in litigation from its creditors and key share holders
who want the founder in a joint statement
that their engagements with as advisors
a fixed term basis for a year
based on our discussions with the founder
it was mutually decided that the tenure of the advisory
council the formal engagement
the founders and the company always approach
us for any advice the founder and the company the future
the advisory panel focus areas
to get the company to disclose its audited financials
and help rebuild the team
better communication with share holders
each of these aspects all kinds of litigation
the conditions of anonymity
in addition to the areas the advisory
to expand the board
change the compitition of the board committee
and help settle debt with creditors
seeking the latest development
adds to the woes of company
an investor in the company
slased valuation to another investor
its investment in the online tutor
the advisory panel set up of partners of initiatives
stock of resigned from the board of
citing poor corporate governance
saturatory auditor at the time and sells also resign
citing delays in the company
sharing information with it
inability to raise more money from investors
has forced company let go of thousands of employees
even leading to delays in saleraries being paid
to its staff
last month the are the three members of the board
was senguin when it setup the advisory panel last year
this council play a pivotal role in advising and mentoring
board and its chief executive officer on crucial
matters that shape the companys future
in a statement at the time
earlier this year shareholders voted to oust
at a special shareholder meeting
was invalid and ineffective
the matter is now are several insolvency
proceedings a dispute with the trustee
representing lenders
by author gopika gopakumar and varun sood
Mumbai/bangluru follow on mint