Byju’s misses deadline to file FY22 financials, will now release in Oct

New Delhi, Sep 30 (SocialNews.XYZ) Edtech major Byju's, which has missed its deadline to file the FY22 financial results in September, 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 statements 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 revamped 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 million and $1 billion, amid reports that the company has formulated a proposal to repay its outstanding $1.2 billion Term Loan B (TLB).

Source: IANS