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News on Medial
Byju’s faces new probe over financial, accounting practices
Economic Times
·
8m ago
Medial
India has initiated an investigation into Byju's, an online tutoring firm, over concerns of financial reporting misconduct and possible fund diversion. The Registrar of Companies in Hyderabad has been directed to scrutinize Byju's financial statements and determine if there were any misrepresentations or fraudulent activities. Byju's, which is battling legal challenges in both India and the US, recently lost a court ruling that revoked its ability to settle debts through bankruptcy, pushing the company further into insolvency proceedings. Byju's is currently being managed by an insolvency resolution professional.
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Related News
Govt starts probe into BYJU'S over alleged fund diversion: Report
Inshorts
·
8m ago
Medial
The government has launched a fresh probe into financing and accounting practices at BYJU'S, Bloomberg reported. The Registrar of Companies' regional office in Hyderabad has been given one year to investigate BYJU'S books to check for possible misreporting of financial statements or fund diversions. An earlier probe found corporate governance lapses at the startup.
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How IndusInd Bank's push for profits and lax controls drove it to a crisis
VCCircle
·
4m ago
Medial
IndusInd Bank's aggressive pursuit of profit growth led to significant financial troubles rooted in lax controls over derivative accounting, exposing a $175 million balance-sheet gap. The bank's missteps, hidden through unorthodox accounting practices, were exacerbated by the sharp depreciation of the rupee, prompting regulatory scrutiny. The Reserve Bank of India intervened, asking for leadership changes. While IndusInd remains financially stable, comprehensive investigations have been initiated to assess potential fraud or misstatements in accounts.
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GainBitcoin Scam: Supreme Court orders CBI to conduct a probe
Inc42
·
1y ago
Medial
The Supreme Court has ordered a CBI (Central Bureau of Investigation) probe into the GainBitcoin Ponzi Scheme. The court overturned the anticipatory bail of accused Ajay Bhardwaj and transferred the trial of all related cases to the CBI Court in New Delhi. GainBitcoin, a multi-level marketing scheme promising a 10% monthly return on Bitcoin investments, victimized over 100,000 individuals. Some victims are concerned about the transfer to CBI and believe that the Maharashtra Police should continue to lead the investigation. The case highlights the challenges India faces in addressing crypto-related financial crimes.
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India orders antitrust probe into Google's app store billing practices
TechCrunch
·
1y ago
Medial
India's antitrust regulator, the Competition Commission of India (CCI), has ordered an investigation into Google for allegedly abusing its dominant position in the country's online market. The CCI's order came in response to a complaint filed by Indian app developers and industry groups, accusing Google of imposing unfair terms and discriminatory practices on its app store. The regulator alleges that Google violated several provisions of India's antitrust law by charging excessive and unfair service fees from app developers and implementing policies in a discriminatory manner. This investigation adds to Google's existing legal challenges in India, where it faces allegations of anti-competitive practices.
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Still No Clarity on BYJU’s FY22 Numbers
Inc42
·
1y ago
Medial
Edtech giant BYJU'S continues to delay the release of its financial statements for the fiscal year 2021-22 (FY22). The company, which is already over a year late in publishing the statements, missed the latest deadline of the third week of October. Despite attempts to seek clarity on the release date, there has been no response from BYJU'S. The delay has raised concerns among stakeholders, as the company faces issues with its statutory auditor, board members resigning, and pressure from lenders over loan repayments.
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Byju’s lenders accused of using bogus loan-default claims
Economic Times
·
2y ago
Medial
Lenders of BYJU'S, the edtech giant, are alleged to have employed fake loan default claims. The accusation points to potential unethical practices involving lenders attempting to pressure BYJU'S for quicker loan repayments. This situation highlights the complexities and potential challenges in financial dealings within the startup ecosystem, raising concerns about transparency and fair practices in loan agreements.
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MCA’s BYJU’S Probe Likely To Focus On Flow And Use Of SPV Funds
Inc42
·
1y ago
Medial
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.
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Probe finds Byju’s failed investors but didn’t commit fraud
Economic Times
·
1y ago
Medial
India's Ministry of Corporate Affairs has cleared online education company Byju's of financial fraud following a year-long investigation. While no evidence of wrongdoing was found, the probe did discover governance shortcomings that contributed to the company's mounting losses. The investigation came after disgruntled investors accused founder Byju Raveendran of mismanagement. The report does not address personal accountability or Raveendran's qualifications. Byju's, valued at $22bn at its peak, has been dealing with a cash crunch and facing multiple legal battles in India and the US.
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CAIT Alleges Inaction In CCI’s Probe Against Amazon & Flipkart
Inc42
·
10m ago
Medial
- CAIT accuses CCI of mishandling investigations into alleged anti-competitive practices by Amazon and Flipkart. - Letter to finance minister highlights concerns over delays in addressing violations of India's FDI policies. - CAIT alleges that Amazon and Flipkart use proxy sellers to control inventory and dominate listings. - Ecommerce giants accused of bypassing regulations through these practices. - CAIT seeks government intervention to address the issue and ensure fair competition in the marketplace.
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Never Lent Any Money To BYJU’S, Claims IIFL Finance
Inc42
·
1y ago
Medial
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.
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