Byju’s misses deadline to file FY22 financials; will now release the financial statement

NEW DELHI: Edtech major Byju’s, which has missed its deadline to file the FY22 financial results in Sep-tember, said on Saturday that it will now release the financial statement for FY22 in October.

In a statement, the company said it will convene a board meeting in the second week of October “for approval and adoption of accounts for FY22”.

“Think and Learn Pvt Ltd has issued a notice for convening a Board meeting in the second week of October 2023 for approval and adoption of accounts for FY22,” a Byju’s spokesperson said.

The Board of Directors, along with the Advisory Council and certain invitees, will meet to formally adopt the audited accounts, the spokesperson added.

Earlier this year, the ed-tech company told its investors and lenders that it would file its FY22 financial state-ments by September.

Byju’s is also going to lay off 4,000-5,000 employees in a “business restructuring exercise” in the coming weeks.

“We are in the final stages of a business restructuring exercise to simplify operating structures, reduce the cost base and better cash flow management,” a company spokesperson had said in an earlier statement.

Byju’s new India CEO, Arjun Mohan, will be completing this process in the next few weeks and will steer a re-vamped and sustainable operation ahead, according to the company.

Byju’s is even mulling to sell at least two of its subsidiaries, Epic and Great Learning, to raise between $800 mil-lion and $1 billion, amid reports that the company has formulated a proposal to repay its outstanding $1.2 billion Term Loan B (TLB). (IANS)

Also Read: Edtech Giant Byju’s Begins to Layoff Another 1000 Employees Across All Departments

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