The AGM has been called to approve and adopt the audited financial statements for Think & Learn, the parent company of Byju’s, for the financial year ended March 2022, together with auditor and director reports.
The meeting will also consider and approve the appointment of MSKA & Associates as statutory auditors of the company.
According to sources, Byju’s is dealing with struggles to pay salaries of its employees and needs at least INR 500-Rs 600 crore to pay off employee and vendor dues
Among the creditors include the Board of Control for Cricket in India (BCCI), which has taken Think & Learn to the National Company Law Tribunal (NCLT).
The BCCI claimed that the edtech firm has defaulted payments to the tune of the INR 158 crore.
The NCLT has granted a period of two weeks to Byju’s to file reply, with the BCCI given time after that to file a rejoinder.
Meanwhile, company CEO Byju Raveendran has reportedly pledged his real estate holdings to raise money for paying employees as the company deals with the cash crunch.
According to Bloomberg, citing sources, two homes owned by Raveendran’s family in Bengaluru, and an under-construction villa in the city were offered up as collateral to borrow $12 million, which would go towards salary payments for the employees.
After a ‘technical glitch’ hampered the payment of some 1,000 workers, Byju’s on Monday paid pending salaries of some of its employees.
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