Company Ministry’s instructions to speed up investigation into Byju’s case – StartUp News

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The Corporate Affairs Ministry has asked its officials to expedite the investigation into the Byjus case and submit the report soon. A senior government official gave this information on Monday. The regional team of the ministry is investigating the edtech giant’s accounts and company law related lapses.

Responding to this, Baijus said that the company has been asked to submit information and documents from time to time and we have fully cooperated with the Ministry with all necessary responses along with documents.

In July 2023, the ministry had asked the office of the regional director in Hyderabad to investigate this unit of Byju’s operating under the Bengaluru registered company Think and Learn Private Limited.

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The edtech company’s financial disclosures had also come under the scrutiny of the Institute of Chartered Accountants of India (ICAI) due to a 22-month delay in submitting its financial reports. The Ministry of Corporate Affairs had also started an investigation against the company.

Byju’s auditor company Deloitte Haskins & Sells had also resigned from being the statutory auditor of the company. The audit work was abandoned after the company delayed submitting its audited financial statements for the year ending March 31, 2022.

Byju’s valuation has also declined by about 10 percent from its all-time high of $22 billion. The company is also facing opposition from its investors who want to bring about changes in its management structure and also want to remove its founder Baiju Raveendran from the post of Chief Executive Officer.
Currently, the company’s board consists of Raveendran, his wife Divya Gokulnath and his brother Riju Raveendran.

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First Published – February 26, 2024 | 10:26 PM IST

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