Govt Expedites Byju's Financial Inspection, Company Says Complied with MCA Directions
IANS 26 February 2024
As the government expedites the inspection of financial books of embattled ed-tech major Byju's, the company said on Monday that it has responded with all necessary responses along with documents to the ministry of corporate affairs (MCA) and is hoping an early closure of the matter.
According to sources, the ministry has asked its officers to expedite the inspection of Byju’s books and submit the report as soon as possible.
The ed-tech company told IANS that the inspection is ongoing.
"The company has received multiple communications requesting information and documents from time to time, and it has cooperated completely and responded with all necessary responses along with documents to the MCA," a Byju’s spokesperson said in a statement.
The company said it has also apprised the government officials of the corporate governance measures implemented, including the constitution of the advisory council.
"All directions of the MCA have also been complied with. In the meantime, the company has also closed its financials for FY 2022 and has effected the necessary filings with the ROC. Given all of the above, the company is also hoping for an expedited closure of the matter," the company spokesperson added.
The development came as key shareholders in Byju's last week voted to oust Byju Raveendran as chief executive officer (CEO) of the company at the extraordinary general meeting (EGM), saying that the stakeholders "unanimously passed all resolutions put forward for vote."
Mr Raveendran later refuted the reports of being fired from the company, saying such rumours were greatly exaggerated.
In an email sent to employees and accessed by IANS, Mr Raveendran said that the management remains unchanged, the board remains the same and the rights issue has 'seen an overwhelming response'. He said that it was 'business as usual' at the company.
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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