New Delhi: Vedanta on Tuesday said Chief Financial Officer (CFO) Sonal Shrivastava has resigned making her third incumbent to quit in as many as years from the post in the billionaire Anil Agarwal-controlled company.

Ajay Goel, who is currently the CFO at edtech startup Byju's, will return as Vedanta's CFO effective from October 30, the company said in a statement.

Shrivastava had joined Vedanta in June, and was the third person to hold the position since 2021 after GR Arun Kumar and Ajay Goel who had quit Vedanta in April this year to take up the same job at Byju’s.

The upheaval in CFOs comes at a time when the metals-to-oil conglomerate is in the midst of a structural overhaul which involves splitting the business into six separate divisions to tackle its massive debt problem.  

Vedanta Resources has huge outstanding dues including $4.2 billion that the company has to pay by the next financial year 2024-2025.

It has seen several rating downgrades because of its debt woes and the shares of the company have plunged by as much as 30 per cent this year. 

When it comes to Byju's, the company's value was slashed recently following the crisis looming for around a year. A Netherlands-based firm, which had an investment in the company, had written down its 9.6% stake in the company. This brought down the effective valuation of Byju's to $5.1 billion (around Rs 42,000 crore). Last year it was valued at $22 billion. The company's value has fallen by 77 per cent in a year.

Byju’s grew by raising capital at a rapid pace, but was accused of exaggerating the numbers. Massive acquisitions also seem to have backfired. The company is yet to release its numbers for 2021-22. Meanwhile, Deloitte withdrew from the company's auditing work. The representatives of the stock investors also had resigned from the board of directors, exposing the crisis of the ed tech behemoth. (With inputs from IANS)