Byju: An inspection of Byju’s accounts has been ordered by the corporate affairs ministry, a top government official revealed on Monday as the edtech giant battled a number of challenges, including a delay in filing financial statements and worries about corporate governance problems. The ministry, which is putting the corporations law into effect, will inspect Bengaluru-based Think & Learn, which goes by the name Byju’s. After taking note of recent developments, such as the company’s inability to complete its financial accounts and its auditor’s resignation, the ministry decided to conduct the inspection, the official told PTI.
Inspection Requested to Examine Byju’s Accounts and Corporate Governance
According to the official, the ministry requested an inspection of the Bengaluru-registered company earlier this month from the regional director’s office in Hyderabad. The official added that the next course of action would be chosen once the inspection report was received. Byju’s did not respond to a message seeking feedback on the inspection. On November 30, 2011, Think & Learn Pvt Ltd was officially established. According to information on file with the government, the company’s most recent Annual General Meeting took place on September 19, 2022. The edtech industry leader has been dealing with a number of problems lately, including doubts about its corporate governance procedures.
Deloitte Resigns as Byju’s Auditor Amid Delay in Financial Results, Board Members Exit
Deloitte, an auditing firm, withdrew from its position as Byju’s auditor, claiming a delay in providing financial results. At the same time, three of its board members left their positions, signalling a worsening of the edtech company’s issue. Deloitte Haskins & Sells, who was contracted to audit Byju’s until 2025, announced midway through the contract that they would be leaving with “immediate effect” since “the financial statements of the company are long delayed.” Byju’s has promised its investor to finish the protracted audit of the fiscal years 2022 and 2023 by September and December, according to individuals informed of the events last month. Byju’s CEO Byju Raveendran acknowledged his prior errors in a call with shareholders last month and reassured investors that his lessons learned far exceed any blunders. The business announced last week that T V Mohandas Pai and former SBI CEO Rajnish Kumar will join its Advisory Council.
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