MCA probe reportedly finds 'financial irregularities' at Byju's; firm denies

March 14, 2024
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After the Ministry Of Corporate Affairs (MCA) investigative team submitted a report on Byju's that has details about alleged financial irregularities

New Delhi, March 14 (IANS) After the Ministry Of Corporate Affairs (MCA) investigative team submitted a report on Byju’s that has details about alleged financial irregularities at the firm, the embattled edtech company said on Thursday that they are not “privy to any report by the MCA or the contents thereof”.

According to reports, the MCA’s investigative arm has alleged several violations of the Companies Act and financial irregularities at Byju’s. The Ministry is yet to analyse the report and take further action.

“We can confirm that there are no financial irregularities whatsoever in the affairs of the company,” a Byju’s spokesperson told IANS.

“In so far as the Companies Act is concerned, any observations are likely to be technical non-compliances which have already been duly disclosed in our audited financial statements. We await any formal communication from the MCA,” the spokesperson added.

The company earlier said that it responded with all necessary responses along with documents to the MCA, as the government expedited the inspection of financial books of Byju’s.

On Wednesday, the Karnataka High Court granted time to Think and Learn Pvt Ltd, the parent company of edtech major Byju’s, to file a rejoinder to the response filed by some of the investors.

The stay against the resolutions at the Extraordinary General Meeting (EGM), which the investors passed on February 23 continues, and “none of those resolutions can be given effect to”, Byju’s said in a statement.

The matter will next be heard on March 28, the company said.

–IANS/na/vd

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