BYJU’S addresses shareholders, introduces Group CFO, assures timelines, receives shareholders support

New Delhi:  India’s most valuable startup BYJU’S, in a crucial Board meeting held on Saturday, has addressed recent developments impacting the company amid a deluge of negative media reports.

The most important takeaway from the minutes of this meeting, the records of which are available with IANS through a confidential source, is that Deloitte’s departure as auditor and the resignations of certain Board members were independent and planned events.

Led by Founder and CEO Byju Raveendran, the meeting also unveiled the comprehensive plan put forth by newly appointed CFO Ajay Goel, shedding light on the future strategies of the company.

Here are some of the key highlights from the meeting, as accessed by IANS.

The meeting confirmed that Deloitte’s exit as auditor was a mutually agreed upon decision, as reflected in the Board meeting minutes. This disclosure aimed to dispel any confusion among BYJU’S shareholders surrounding the circumstances of the audit firm’s departure.

In a unified voice, the departing Board members reassured fellow shareholders that their resignations were unrelated to Deloitte’s exit. Their emphasis on this point sought to reinforce the stability of BYJU’S during this transitional phase.

CFO Goel, making his first address to shareholders since joining in May, expressed complete confidence in the company’s ability to finalize the audit for the fiscal year 2022 by September end and the audit for the fiscal year 2023 by the end of this year. Goel also highlighted the significant progress already made in completing the audit for most
subsidiaries.

To remind the shareholders of his singular dedication towards BYJU’S, Raveendran emphasised his personal investment in the group, which, he said, includes $400 million in the parent company, $250 million for the Aakash acquisition, and an additional $250 million through pledged secondary shares during the last funding round.

Despite the challenges faced due to adverse macroeconomic conditions, he highlighted the strong performance of most business verticals, which he said demonstrates BYJU’S resilience and stability.

Acknowledging past missteps, he assured shareholders that the lessons learned have paved the way for further strengthening the operational processes within the organisation.

The group General Counsel, Roshan Thomas, informed the shareholders about the ongoing negotiations regarding Term Loan B (TLB). Constructive discussions are currently underway, he said, and the company aims for a timely resolution. Shareholders can expect further updates as additional information becomes available.

The meeting concluded with a resounding endorsement from BYJU’S shareholders, reflecting their confidence in the company’s leadership and strategies.

IANS