Byju’s informs debt investors of audited financial statements on September 6
- ByStartupStory | August 29, 2022
According to the sources on August 29, citing people familiar with the issue, Edtech company Byju’s has informed its debt investors that it expects to finalize its audited financial figures for FY21, approved by auditor Deloitte, by September 6.
According to the article, Byju’s will have its board meeting next week after receiving the final report that will be given to the directors. The latest development follows the Ministry of Corporate Affairs’ request for Byju’s reasons for failing to file audited financial accounts for the fiscal year ending March 2021.
The ministry wrote a letter to Byju’s parent company earlier this month, requesting them to explain the seventeen-month delay in filing audited statements. According to the company’s response to the ministry of corporate affairs, the delay in filing is due to integrating the accounts of several companies that the online education provider purchased during the fiscal year.
Byju’s had been on a global expansion binge, acquiring several businesses in the United States and overseas. An unlisted firm must file its annual accounts within seven months after the fiscal year’s end, or pay a penalty fee for each day of delay.
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