Site icon Saclung

Byju’s financial probe: Byju’s faces new probe over financial, accounting practices

admin
Byju’s financial probe: Byju’s faces new probe over financial, accounting practices
India has started an investigation into financing and accounting practices at Byju’s, according to people with knowledge of the matter, after a previous inspection found corporate governance lapses at the struggling online tutoring firm.

The federal government has asked the regional office of the Registrar of Companies in Hyderabad to investigate Byju’s books to ascertain if the company misreported financial statements and whether funds were siphoned off, the people said, asking not to be identified as the matter is private.

There were shortcomings in the accounts of Byju’s, the people said, explaining the reason for the new probe. They didn’t specify what those failings were. The registrar’s office has one year to submit its report.

Byju’s, once India’s most valued startup, is fighting for its life in courts in India and the US. India’s top court last month struck down a bankruptcy tribunal’s order that allowed Byju’s to settle debts with a key creditor, pushing the online tutor back firmly into the insolvency process. The Bangalore-based company is now pleading its case in a lower court. The control of the firm currently rests with an insolvency resolution professional.

Emails to the spokesperson for India’s Ministry of Corporate Affairs and the insolvency resolution professional went unanswered.

  • Artificial Intelligence(AI)

    AI-Powered Python Mastery with Tabnine: Boost Your Coding Skills

    By – Metla Sudha Sekhar, IT Specialist and Developer

  • Finance

    AI and Generative AI for Finance

    By – Hariom Tatsat, Vice President- Quantitative Analytics at Barclays

  • Strategy

    ESG and Business Sustainability Strategy

    By – Vipul Arora, Partner, ESG & Climate Solutions at Sattva Consulting Author I Speaker I Thought Leader

  • Finance

    Financial Literacy i.e Lets Crack the Billionaire Code

    By – CA Rahul Gupta, CA with 10+ years of experience and Accounting Educator

  • Astrology

    Vastu Shastra Course

    By – Sachenkumar Rai, Vastu Shashtri

  • Office Productivity

    Zero to Hero in Microsoft Excel: Complete Excel guide 2024

    By – Metla Sudha Sekhar, IT Specialist and Developer

  • Artificial Intelligence(AI)

    Mastering C++ Fundamentals with Generative AI: A Hands-On

    By – Metla Sudha Sekhar, IT Specialist and Developer

  • Web Development

    JavaScript Essentials: Unlock AI-Driven Insights with ChatGPT

    By – Metla Sudha Sekhar, IT Specialist and Developer

  • Web Development

    A Comprehensive ASP.NET Core MVC 6 Project Guide for 2024

    By – Metla Sudha Sekhar, IT Specialist and Developer

  • Office Productivity

    Mastering Google Sheets: Unleash the Power of Excel and Advance Analysis

    By – Metla Sudha Sekhar, IT Specialist and Developer

  • Data Science

    SQL Server Bootcamp 2024: Transform from Beginner to Pro

    By – Metla Sudha Sekhar, IT Specialist and Developer

  • Leadership

    Boosting Startup Revenue with 6 AI-Powered Sales Automation Techniques

    By – Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience

  • Web Development

    Mastering Full Stack Development: From Frontend to Backend Excellence

    By – Metla Sudha Sekhar, IT Specialist and Developer

  • Data Science

    MySQL for Beginners: Learn Data Science and Analytics Skills

    By – Metla Sudha Sekhar, IT Specialist and Developer

  • Finance

    A2Z Of Finance: Finance Beginner Course

    By – elearnmarkets, Financial Education by StockEdge

  • Marketing

    Performance Marketing for eCommerce Brands

    By – Zafer Mukeri, Founder- Inara Marketers

  • Data Science

    SQL for Data Science along with Data Analytics and Data Visualization

    By – Metla Sudha Sekhar, IT Specialist and Developer

  • Leadership

    Building Your Winning Startup Team: Key Strategies for Success

    By – Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience

  • Leadership

    Crafting a Powerful Startup Value Proposition

    By – Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience

  • Marketing

    Digital marketing – WordPress Website Development

    By – Shraddha Somani, Digital Marketing Trainer, Consultant, Strategiest and Subject Matter expert

  • Marketing

    Marketing & Sales Strategies for Startups: From Concept to Conversion

    By – Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience

  • Strategy

    Succession Planning Masterclass

    By – Nigel Penny, Global Strategy Advisor: NSP Strategy Facilitation Ltd.


A previous yearlong inspection by the Ministry of Corporate Affairs found corporate governance lapses at Byju’s but no evidence of wrongdoing, Bloomberg News reported in June.

Discover the stories of your interest


Its founder Byju Raveendran has said that his startup, once worth $22 billion, is now valued at zero. Some of Byju’s large backers such as Prosus NV have written off their investments in the firm.Also Read: Byju Raveendran told US colleague to flee ahead of testimony
Also Read: Byju’s founder accused of trying to regain firm with hidden cash

link

Exit mobile version