Bengaluru, June 26: Home-grown Ed-tech giant Byju's has recently assured its stakeholders of a near resolution of its tough situation. The company has been in a very tight spot following a $1.2 billion loan repayment issue, as well as the resignation of all of its non-family board members. The company is also reportedly having rounds of mass layoffs in order to achieve higher profits.

Byju’s is currently having constructive negotiations with its shareholders, and the firm’s Global General Counsel Roshan Thomas assured in a recent meeting that the company is looking forward to a quick resolution to all its financial woes, as per reports. OnePlus Nord 3 India Price Leaked Ahead of Imminent Launch; Learn All Other Key Details Here.

The CEO of the company Byju Raveendran admitted of all the challenges and told the stakeholders that the firm is ready to have more independent Directors.

Byju's new Chief Financial Officer (CFO) Ajay Goel in his first meeting told the shareholders that closing the audited financials is his chief focus, which he assured to do by September for FY2022, and for FY 2023 by December, said reports. Ransomware Attack in India: Pakistan-Based Hackers Target Indian Army and Education Sector in New Cyber Attack.

As per reports, during the meeting, Byju Raveendran stressed on the fact of how he had devoted the past 18 years to build the company, commenting that Byju's is not his work, but his life.

Raveendran also pointed out of his personal investments in the firm, which includes $400 million in the parent company, $250 million for the acquisition of Aakash, and an additional $250 million in secondary shares in the last funding round.

Finally, he also expressed his full confidence in the new CFO's capability and commitment to complete the audits within the assured timeframe. Post all the comments and assurances, the board members were asked to share their final thoughts, and they had expressed their close collaboration with the company and wished for its success.

(The above story first appeared on LatestLY on Jun 26, 2023 07:43 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).