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Byju’s denies financial irregularities, says ‘not privy to any report by MCA’

Thehindubusinessline

Thehindubusinessline · 1y ago

Byju’s denies financial irregularities, says ‘not privy to any report by MCA’

India's edtech giant Byju's has denied any financial irregularities following reports that the Ministry of Corporate Affairs (MCA) has submitted a report on alleged violations and irregularities. Byju's stated that it has not seen the report, but confirmed there are no financial irregularities in the company. The MCA's investigation arm has reportedly alleged over a dozen Companies Act violations. Separately, Byju's shareholders obtained an interim order from the Karnataka High Court preventing resolutions passed at an extraordinary general meeting in February from being implemented, as well as four investors challenging a $200m rights issue through the National Company Law Tribunal.

Related News

‘Yet to receive any communication from MCA’: Byju’s on account probe order

Entrackr

Entrackr · 2y ago

‘Yet to receive any communication from MCA’: Byju’s on account probe order

Byju’s says it has not received any communication from the Ministry of Corporate Affairs (MCA) after a report said that the Indian government had ordered a probe into the account books of the edtech company.

MCA’s BYJU’S Probe Likely To Focus On Flow And Use Of SPV Funds

Inc42 · 11m ago

MCA’s BYJU’S Probe Likely To Focus On Flow And Use Of SPV Funds

The Ministry of Corporate Affairs will be conducting an investigation into the financial activities of BYJU'S Alpha, the American subsidiary of edtech company BYJU'S. The move comes in response to a report by the Registrar of Companies (ROC) which identified financial irregularities. This investigation adds to the ongoing legal battles, financial challenges, and regulatory scrutiny faced by BYJU'S.

Expedite Inspection Of BYJU’S Books: Corporate Affairs Ministry To Officers

Inc42 · 1y ago

Expedite Inspection Of BYJU’S Books: Corporate Affairs Ministry To Officers

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.

BharatPe gets fresh notice from MCA

Economic Times

Economic Times · 1y ago

BharatPe gets fresh notice from MCA

BharatPe, the digital payments company, has received a notice from the Ministry of Corporate Affairs (MCA) over an ongoing inquiry into its operations and the proceedings against co-founder Ashneer Grover. The ministry has also raised questions about the findings of a status report filed by the Delhi Police's Economic Offences Wing regarding financial irregularities at the company. This notice comes amid increased scrutiny on fintech companies by regulators. BharatPe has confirmed receiving the notice and stated that it is cooperating with the authorities. The company is also involved in a legal dispute with Grover over alleged embezzlement of funds.

Never Lent Any Money To BYJU’S, Claims IIFL Finance

Inc42 · 1y ago

Never Lent Any Money To BYJU’S, Claims IIFL Finance

IIFL Finance denies lending any funds to BYJU'S, contradicting BYJU'S claim of a INR 440.77 Cr loan in its FY21 financial statements. IIFL Finance called the mention an error by BYJU'S and confirmed no lending took place. BYJU'S faces challenges with two sets of lenders, Term Loan B (TLB) lenders and Davidson Kempner, over a $1.45 Bn loan. TLB lenders have postponed their legal battle, possibly for out-of-court negotiations, while BYJU'S and Davidson Kempner continue discussions on a loan covenant dispute settlement.

BYJU’S Insolvency: Now, Investors Move SC

Inc42 · 11m ago

BYJU’S Insolvency: Now, Investors Move SC

Investors of BYJU'S, including General Atlantic, Peak XV Partners, Sofina S.A., and MIH Edtech Investments, have approached the Supreme Court to address concerns regarding mismanagement, alleged fund syphoning, and financial irregularities. The investors are seeking the court's permission to address these issues. The Board of Control for Cricket in India (BCCI), represented by Solicitor General of India Tushar Mehta, and Byju Raveendran, founder of BYJU'S, have requested an early hearing of the matter.

Byju’s says Karnataka HC has stayed upcoming EGM outcome; investors to go ahead

Livemint

Livemint · 1y ago

Byju’s says Karnataka HC has stayed upcoming EGM outcome; investors to go ahead

Think & Learn Pvt. Ltd, the parent company of Byju's, has obtained an order from the Karnataka High Court stating that any resolutions proposed in an emergency meeting called by certain investors would be invalid until a final hearing. The investors are seeking to change the company's leadership, including the removal of CEO Byju Raveendran, and address financial management and governance issues. Byju's argues that the meeting is vexatious and intended to disrupt the ongoing rights issue. The high court has not declared the meeting illegal, and the investors plan to proceed with the vote for Raveendran's removal.

Meltdown at Byju’s should end the free pass for startups

Money Control

Money Control · 2y ago

Meltdown at Byju’s should end the free pass for startups

A recent opinion piece highlights the need to reevaluate the lenient treatment of startups in light of the crisis faced by BYJU'S. The article argues that the corporate governance lapses, board member resignations, and financial irregularities at BYJU'S should serve as a wake-up call to end the "free pass" given to startups, emphasizing the importance of holding them accountable for their actions and ensuring transparency in their operations.

FIU, ED Seek Report From RBI On Paytm

OutlookIndia

OutlookIndia · 1y ago

FIU, ED Seek Report From RBI On Paytm

The Enforcement Directorate (ED) and the Financial Intelligence Unit (FIU) have requested the Reserve Bank of India (RBI) to share a report on the recent action taken against Paytm Payments Bank Ltd. The ED is looking to analyze if a probe needs to be initiated, while the FIU wants to assess if Paytm followed the required procedures under the Prevention of Money Laundering Act. The RBI had barred Paytm Payments Bank from accepting customer deposits or top-ups, but Paytm denies any wrongdoing and claims they are not under investigation for money laundering or foreign exchange violations.

No new SaaS unicorns so far in 2023 as funding winter lingers, says Bessemer report

Money Control

Money Control · 1y ago

No new SaaS unicorns so far in 2023 as funding winter lingers, says Bessemer report

The Software as a Service (SaaS) sector has not seen any new unicorn startups in 2023 due to the lingering effects of a funding slowdown, according to a report by Bessemer Venture Partners. The report highlights that investment activity in SaaS companies has been cautious, leading to a lack of new unicorns despite the sector's overall growth and potential.

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