The Ministry Of Corporate Affairs (MCA) has submitted a report on Byju’s, alleging financial irregularities. Byju’s denies knowledge of the report’s content but asserts there are no financial irregularities. The MCA is yet to analyze the report and take action.
The MCA’s investigative arm has alleged violations of the Companies Act and financial irregularities at Byju’s. The company insists there are no financial irregularities and any observations are likely technical non-compliances disclosed in their financial statements. Byju’s awaits formal communication from the MCA.
Byju’s responded to the MCA with necessary documents as the government expedited the inspection of their financial books. The Karnataka High Court granted time to Byju’s parent company to file a rejoinder to investors’ responses. The stay against resolutions at the EGM continues, halting their implementation until the matter is heard again on March 28.
“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.
