Govt expedites Byju's financial inspection, firm says complied with MCA directions

The government has expedited the inspection of Byju’s financial books, with the edtech company responding with necessary documents. Byju’s stated that it has cooperated fully with the Ministry of Corporate Affairs (MCA) and hopes for a swift resolution of the matter. The inspection is ongoing, as per sources, and the company has implemented corporate governance measures.

According to Byju’s spokesperson, “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.” The company has also informed government officials about the advisory council’s formation and compliance with MCA directions. Byju’s has closed its financials for FY 2022 and filed necessary documents with the ROC, aiming for a timely resolution of the matter.

Key shareholders voted last week to remove Byju Raveendran as CEO, but he denied being fired, stating that the management and Board remain unchanged. In an email to employees, Raveendran emphasized that the rights issue had a significant response, and it is “business as usual” at the company. Byju’s expressed confidence in the ongoing process and aims to address any concerns promptly.

The company’s proactive response amidst the government inspection reflects its commitment to transparency and compliance. By cooperating fully with the MCA and implementing corporate governance measures, Byju’s is working towards resolving the matter swiftly. As the inspection continues, the company’s focus remains on maintaining stability and operational efficiency despite recent developments.