BENGALURU: Edtech firm Byju’s, which is currently grappling with multiple issues, is said to form Board Advisory Committee (BAC), which will provide guidance to the CEO. The committee will also advise the CEO on a governance structure that is suitable for the edtech firm.
At the company’s extraordinary general meeting, Raveendran told shareholders that the committee will consist of independent directors. He also explained to them the company’s progress with regard to the term loan B resolution, Aakash initial public offer (IPO) and the company’s financial audit for FY22 and FY23.
Ajay Goel, the newly appointed CFO of the company, informed shareholders that the FY22 audit will be completed by September and FY23 by December.
Many shareholders attended the meeting and the top executive also discussed the Aakash IPO timeline. Goel also told shareholders that BDO has started an audit of the overall group including its subsidiaries. According to the private market intelligence platform PrivateCircle Research, Byju’s promoters together hold a 21% stake in the edtech company. Individually, Byju Raveendran holds 15.90%, his wife Divya Gokulnath and brother Riju Ravindran have 3.32% and 1.99%, respectively. Recently, in a town hall speech, Raveendran told employees that it was a strategic decision to appoint BDO as Byju’s statutory auditors for the next five years. Deloitte announced its exit on June 22 due to the delay in the filing of FY22 financial results.
Three prominent board members of the edtech firm too resigned and Raveendran had assured the employees that the departures were unrelated to Deloitte’s resignation. He told them that their exit was amicable and carried out with mutual understanding.
The CEO also told them that the TLB dispute is being resolved through constructive discussions and that the company is confident of achieving a positive outcome in the next few weeks without court intervention. It is said the firm will meet its shareholders again in the next few weeks.