India’s Ministry of Corporate Affairs has ordered an inspection into the embattled ed-tech startup Byju’s account books and has sought a report in six weeks, Bloomberg News reported on Tuesday.
Based on the findings, the ministry will decide if the matter needs to be escalated to the Serious Fraud Investigation Office (SFIO), which is part of the MCA, Bloomberg reported, citing people familiar with the matter.
Ministry Of Corporate Affairs Ask for a Report From Byju’s
The Ministry of Corporate Affairs has sought a report in six weeks, Bloomberg reported quoting sources. Previously, it was reported that the Serious Fraud Investigation Office (SFIO) would be brought in by the Union Ministry of Corporate Affairs to investigate the irregularities at Think and Learn Pvt. Ltd, which manages the educational technology major.
Deloitte Assigned As a Company’s Auditor
Due to Byju’s failure to submit its financial statements for the fiscal year 2022, Deloitte resigned as the company’s auditor and three board members left the company last month.
A person with direct knowledge of the situation told Reuters that the company had stated to investors that it would submit them by September, while the results for the previous fiscal year would be submitted by December.
Byju’s Promised To Submit By December
Because of Byju’s inability to present its budget summaries for the financial year 2022, Deloitte surrendered as the organization’s reviewer, and three board individuals left the organization last month.
An individual with direct information on the circumstance let Reuters know that the organization had expressed to financial backers that it would submit them by September, while the outcomes for the past monetary year would be presented by December.