The much-delayed results will also be presented to some of its key investors, like erstwhile board members, including Peak XV Partners and Prosus. Byju’s auditor BDO and the management held a meeting on Saturday and a notice was issued to shareholders subsequently.
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Byju’s FY22 financials are yet to be filed with the Registrar of Companies (RoC) and the delay has been a key concern among investors and the edtech’s lenders of the $1.2 billion term loan B.
Following the exit of Peak XV, Prosus and Chan Zuckerberg Initiative from the edtech’s board, company chief executive Byju Raveendran and his chief financial officer Ajay Goel had told shareholders on June 24 that its audited results for FY22 will be shared by the end of September. They further said Byju’s FY23 results will be released by December 2023.
“Think and Learn Pvt Ltd (Byju’s parent firm) today has issued a notice for convening a Board meeting in the second week of October 2023 for approval and adoption of accounts for F’22. The Board of Directors along with the Advisory Council and certain invitees will meet to formally adopt the audited accounts,” Byju’s said in the statement.
Former SBI chairman Rajnish Kumar and ex Infosys CFO Mohandas Pai are on Byju’s board advisory council. They joined the council on July 13 to advise the troubled edtech major on the composition of its board and governance structure.
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The exit of Peak XV, Prosus and Chan Zuckerberg Initiative from the board had left only the company’s founder Raveendran, cofounder Divya Gokulnath, and Riju Ravindran on the board.After an 18-month delay, Byju’s had filed its FY21 financials in September last year which showed operating revenue of Rs 2,280 crore even as it recorded massive losses of Rs 4,588 crore, up from just Rs 262 crore in the previous fiscal year of FY20.
Byju’s simultaneously has been in talks with creditors to close matters related to its $1.2 billion term loan B (TLB) as well as Davidson Kempner.
On August 8, ET reported that Byju’s and New York-based investor Davidson Kempner Capital had begun negotiations to settle their dispute over the breach of a loan covenant linked to Byju’s-owned test preparation subsidiary, Aakash Institute.
The edtech firm had signed a Rs 2,000 crore loan facility in May.
The company is trying to sell group assets like Epic and Great Learning to generate new cash to clear the controversial $1.2 billion TLB. Last week, Byju’s India CEO Arjun Mohan undertook new measures to cut at least 4,500 jobs at the firm to further cut costs.