Edtech major Byju’s shareholders have approved the company’s audited financials for the fiscal year 2022 at its high-voltage Annual General Meeting (AGM).
The AGM also cleared a resolution on reappointment of MSKA & ASSOCIATES, a member firm of BDO International, as Byju’s statutory auditor.
“Think and Learn, the parent company of BYJU’s, held its Annual General Meeting (AGM) today with close to 60 shareholders in attendance. All the resolutions were passed, including the accounts for FY22,” the company said in a statement.
BDO was re-appointed as the statutory auditors of the company.
“Founder Byju Raveendran opened the AGM with an account of the state of business and its challenges. Nitin Golani, Chief Financial Officer- India, briefed on the audit while India CEO Arjun Mohan provided business updates and plans,” the company added.
The auditor BDO later answered all questions from shareholders before the company wrapped up the interactive three-hour-long meeting. Last month, the edtech major announced the closure of its year-long delayed audited financial accounts for FY22.
While revenues surged to Rs 3,569 crore in FY22 from Rs 1,552 crore in FY21, operating loss narrowed to Rs 2,253 crore in FY22, from Rs 2,406 crore in FY21.
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).