Ed tech giant Byju’s, which is mired in controversy following a $1.2 billion debt payment issue and resignation of all three non-family board members, is in constructive talks with its investors. According to media reports, the company is hopeful of a quick resolution to its ongoing dispute with investors, its Global General Counsel Roshan Thomas assured shareholders in a recent meeting. CEO Byju Raveendran, while acknowledging the challenges faced in the last one year, told shareholders that the company is looking at inducting more independent directors.
Byju said to complete the audit of 2022 by September and 2023 by December
Byju’s new Chief Financial Officer (CFO) Ajay Goel addressed shareholders at the meeting for the first time after joining the firm in May 2023 and said audit is his first focus. According to sources, he has committed to finish the audit for FY2022 by the end of September and the audit for FY2023 by the end of December.
The company’s audit firm had resigned due to delay in giving financial statements.
Explain that the audit firm Deloitte had earlier resigned from the post of Byju’s auditor citing the reason for delay in giving financial statements from Byju’s side. Prior to that, GV Ravi Shankar of Sequoia Capital (now Peak XV Partners), Vivian Wu of Chan Zuckerberg and Russell Dressenstock of Prosus had resigned as directors of the company. Now only Baju Ravindran, Riju Ravindran and Divya Gokulnath are left in the board. On behalf of Deloitte, it was said that Byju did not release the results of the last financial year. After writing a letter to Ravindran Byju, the audit did not happen. That’s why she is resigning.
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