Byju's AGM To Approve FY22 Financials Set For Dec. 20
Think & Learn Pvt., the owner and operator of Byju's, has called for an annual general meeting on Dec. 20 to approve its much-delayed FY22 earnings amid multiple headwinds for the edtech company.
It issued a notice to shareholders, stating that the company's 11th AGM will be held on Wednesday at 6 p.m.
On the board's agenda will be to consider and approve the standalone and consolidated financials for FY22, which have overshot the company's self-imposed September deadline. The company will also approve the appointment of MSKA and Associates (BDO in India) as its auditors, according to the notice seen by BQ Prime.
The company's FY23 financials were supposed to come out in December, but there is no notice of the same.
Once valued at $22 billion, Byju's has seen a rapid decline over the past 15 months, with valuation drawdowns as severe as below $3 billion, according to long-time backer Prosus.
It is facing legal battles, with a $1.2-billion term loan B fight with lenders, a National Company Law Tribunal insolvency petition filed by the Board of Control for Cricket in India, and Foreign Exchange Management Act allegations of violations on an amount of Rs 9,300 crore, which the company has said would only result in a "nominal fine".
It is in the midst of an organisational restructuring, with newly returned Chief Executive Officer Arjun Mohan at the helm. Its chief technology officer and chief financial officer have also been replaced recently, as part of the shuffle.
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