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ICAI's disciplinary committee probing alleged auditing lapses in Byju's case
Economic Times
·
7m ago
Medial
The Institute of Chartered Accountants of India (ICAI) is investigating auditing lapses at edutech firm Byju's, according to ICAI President Ranjeet Kumar Agarwal. The specific details of the alleged issues have not been disclosed. The matter has been referred to the disciplinary committee, which is currently conducting investigations. In March, ICAI found gross negligence on the part of Byju's auditors and the matter was referred to the Financial Reporting Review Board. Byju's has been facing financial and legal challenges, including a recent Supreme Court ruling on insolvency proceedings against the company.
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Related News
ICAI refers BYJU'S case to disciplinary panel: Report
Inshorts
·
2y ago
Medial
The Institute of Chartered Accountants of India (ICAI) has transferred the issue regarding troubled company BYJU'S to its disciplinary committee after an initial examination by ICAI's financial reporting review board, according to Business Standard. The raised concerns will undergo additional evaluation by the committee, and if the auditor is deemed at fault, a potential fine of up to ₹5 lakh could be levied.
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Expedite Inspection Of BYJU’S Books: Corporate Affairs Ministry To Officers
Inc42
·
1y ago
Medial
The Ministry of Corporate Affairs (MCA) has directed its officials to expedite the inspection of BYJU'S, the edtech giant. The ministry will determine the next course of action based on the inspection report, which has already been delayed by three months. The investigation focuses on alleged governance lapses and compliance issues in the company. The ongoing controversy stemmed from the lack of clarity surrounding BYJU'S audited financials, and delays in filing financial statements have caused an uproar from investors. The Institute of Chartered Accountants of India is also finalizing its report on the auditing process of the startup.
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Supreme Court sets aside NCLAT ruling on Byju's settlement with BCCI
Economic Times
·
9m ago
Medial
The Supreme Court has overturned the NCLAT's approval of a settlement deal between Byju's and BCCI. The court cited procedural lapses in the settlement process and directed BCCI to deposit Rs 158 crore with the committee of creditors of Byju's parent company. The committee of creditors is instructed to maintain this amount in an escrow account and abide by further directions from the NCLT.
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NCLT approves Shailendra Ajmera as new resolution professional of Byju’s parent firm
Economic Times
·
5m ago
Medial
The National Company Law Tribunal (NCLT) approved the appointment of Shailendra Ajmera as the new resolution professional for Think & Learn, the parent company of Byju's. This decision follows the company's creditors' committee resolution to replace Pankaj Srivastava amid allegations of lapses in his conduct. Additionally, the NCLT reinstated Glas Trust and Aditya Birla Finance to the creditors’ committee and will address the Board of Control for Cricket in India’s withdrawal application from insolvency proceedings.
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No respite for Byju's as startup sees another top-level management exit
VCCircle
·
1y ago
Medial
The edtech startup, Byju's, continues to face challenges with yet another top-level management exit. The company has been dealing with a series of issues such as resignations, alleged governance lapses, regulatory compliance, and investor pull-outs. Roshan Thomas has now resigned, adding to the list of departures from the company. Byju's will begin 2024 on a challenging note as it struggles to address these ongoing problems.
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Byju’s case: Glas Trust, Aditya Birla Finance inducted into CoC
Economic Times
·
6m ago
Medial
The National Company Law Tribunal (NCLT) ruled to reinstate Glas Trust and Aditya Birla Finance as financial creditors in Byju’s Committee of Creditors (CoC), following their removal. The tribunal criticized the insolvency resolution professional (RP) for biased conduct and misleading the tribunal, leading to potential disciplinary action. The NCLT nullified the CoC's reconstitution decisions, emphasizing that any reconstitution powers belong to the NCLT, highlighting the ongoing legal complexities surrounding Byju's insolvency proceedings.
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NCLT directs disciplinary proceedings against BYJU'S' resolution professional
YourStory
·
6m ago
Medial
The National Company Law Tribunal (NCLT) has ordered disciplinary proceedings against BYJU'S resolution professional, Pankaj Srivastava, for improper conduct and annulled his decision to exclude Glas Trust and Aditya Birla Finance from the edtech's Committee of Creditors (CoC). The tribunal reinstated the previous CoC, recognizing Aditya Birla Finance as a financial creditor, and nullified the resolutions passed by the reconstituted CoC. The Insolvency & Bankruptcy Board of India (IBBI) is tasked with investigating this matter.
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Supreme Court declines Byju’s plea to block formation of creditors’ committee | Mint
Livemint
·
11m ago
Medial
The Supreme Court has denied Byju's plea to prevent the resolution professional of the bankrupt edtech company from forming a committee of creditors. The court has agreed to hear the case in detail on 22 August. Byju's had earlier revived the insolvency case against them, following an appeal by US-based lender Glas Trust Inc, claiming that Byju's owed them over ₹8,000 crore. The court has directed the Board of Control for Cricket in India (BCCI) to deposit a settlement amount of ₹158 crore from Byju's in a separate escrow account until the resolution of an appeal by the US lender.
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NCLAT Directs NCLT to Decide on BCCI-Byju's Dispute within Seven Days
OutlookIndia
·
6m ago
Medial
The National Company Law Appellate Tribunal (NCLAT) has ordered the National Company Law Tribunal (NCLT) to decide within a week on the Board of Control for Cricket in India's (BCCI) plea for settlement and withdrawal of the insolvency case against Byju's. Riju Raveendran, representing Byju's, challenged a past NCLT order that reinstated two creditors in Byju's Committee of Creditors, arguing it contradicted a settlement agreement with BCCI.
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Byju’s insolvency: Brothers move court to keep creditors away from ₹158 cr settlement
Livemint
·
5m ago
Medial
Byju's suspended directors are contesting a ₹158 crore settlement with the BCCI amid insolvency proceedings. The National Company Law Appellate Tribunal (NCLAT) is set to decide if the settlement was made before the Committee of Creditors (CoC) was formed. If favored, Byju's would exit insolvency. Byju's insolvency arose from a sponsorship payment default, causing disputes, particularly with dominant creditor Glas Trust. The case continues in the NCLAT.
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