Hit by the double whammy of auditor exit and resignations by three board members, Byju’s has set up a board advisory committee (BAC) to advise founder and CEO Byju Raveendran on the composition of the board and an appropriate governance structure for the beleaguered edtech major.

Raveendran made the disclosure at an extraordinary general meeting (EGM) of the company on July 4.

The meeting was called to discuss matters such as the planned initial public offering (IPO) of Aakash, progress made in auditing the company’s books and resolution of the TLB (term loan B) dispute.

Sources said the BAC will be a working group consisting of independent directors with credible backgrounds and relevant experience from diverse corporate fields. It will largely guide Raveendran on matters such as the composition of the board and the governance structure.

Raveendran is learnt to have told the shareholders that he will disclose the composition and members of the BAC at the next EGM to be held in three weeks.

Ajay Goel, the chief financial officer of Byju’s, and director Divya Gokulnath attended the EGM. Goel said BDO, the newly appointed statutory auditors, have already begun the work for entities such as Aakash, the parent firm Think & Learn and WhiteHat Junior.

Audits for some of the other subsidiaries have been completed he said. On June 22, Deloitte Haskins and Sells resigned as the auditor three years before the expiry of its contract because of a long delay in the 2021-22 results.

Goel said BDO has allocated a good amount of resources to complete the audit on time. The company had recently said the audit for 2021-22 will be completed by September and that for 2022-23 to be finished by the end of December.

Byju’s informed the EGM the management was negotiating with the US lenders on the terms for the $1.2 billion TLB loan and the company expects the talks to have a positive outcome.