Byju’s notifies bond investors of audited financial statements on September 6
- ByStartup Story | August 29, 2022
According to the August 29 sources, citing people familiar with the matter, the company Edtech Byju’s informed its bond 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 hold its board meeting next week after receiving the final report which will be given to the directors. The latest development follows the Ministry of Corporate Affairs’ inquiry as to why Byju did not file audited financial accounts for the fiscal year ending March 2021.
The ministry wrote a letter to Byju’s parent company earlier this month, asking it to explain the seventeen-month delay in filing audited statements. According to the company’s response to the Department of Corporate Affairs, the delay in filing is due to the integration of accounts from several companies that the online education provider purchased during the fiscal year.
Byju’s had been on a global expansion spree, acquiring several businesses in the United States and overseas. An unlisted company must file its annual accounts within seven months of the end of the financial year or pay a penalty for each day of delay.
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