Byju's to hold board meeting on Dec 20
It will also consider and approve the appointment of MSKA & Associates as statutory auditors of the company
Govt expedites Byju's financial inspection, firm says complied with MCA directions
New Delhi: Embattling edtech unicorn Byju's parent company Think and Learn Private Limited will hold its 11th annual general meeting on December 20, as it faces myriad of issues amid severe cash crunch.
The meeting has been called to approve and adopt the audited financial statements of the company for their financial year ended March 2022, together with the report of the board of directors and auditors.
The meeting will also consider and approve the appointment of MSKA & Associates as statutory auditors of the company.
Meanwhile, Byju's founder and CEO Byju Raveendran reportedly called an urgent meeting on Tuesday with senior management amid the delicate liquidity situation, as it struggles to pay salaries of its employees.
According to sources, Byju's needs at least Rs 500-Rs 600 crore to pay off dues of employees and vendors, along with the income tax department and the Board of Control for Cricket in India (BCCI).
The BCCI has taken Think & Learn, the parent company of Byju's, to the National Company Law Tribunal (NCLT).
The BCCI claimed that the edtech firm has defaulted payment of Rs 158 crore. The NCLT has granted a period of two weeks to Byju’s to file reply in the case and another week thereafter to BCCI to file rejoinder.
