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Proceedings initiated against Byju's under companies law 'still ongoing': MCA

Economic Times

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The Ministry of Corporate Affairs has clarified that proceedings against edtech company Byju's under the companies law are ongoing, and a final conclusion cannot be reached at this stage. Last year, the ministry initiated an inspection of Byju's books following certain developments, including the company's inability to finalize statements and an auditor's resignation. The ministry's statement contradicts reports claiming that Byju's has been cleared of financial fraud. The proceedings under the Companies Act, 2013 are still ongoing, and no final conclusion should be drawn. The Ministry had ordered an inspection of Byju's parent company, Think & Learn Pvt Ltd, in July 2023.

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