New Delhi: The central government has ordered a probe into the books of education-technology titan Byju’s, which is troubled by the resignation of its auditor and three board members last month, according to people familiar with the matter.
The people, who did not wish to be named, said the corporate affairs ministry has sought a report in six weeks, as the information is not in the public domain. The inspection follows an internal assessment of the state of affairs of the company and – based on the findings of the inspection – the Government will decide whether the matter needs to be referred to the Serious Fraud Investigation Office.
The oversight will be a fresh headache for Byju’s, which was valued at $22 billion in a previous funding round, as it resumes talks to restructure its $1.2 billion term loan after breaching certain terms of its loan agreement. Used to be. The company, once a symbol of India’s booming startup landscape, has cut thousands of jobs and is seeking to raise more than $1 billion to tide over financial difficulties.
A Byju’s spokesperson did not respond to emails and text messages seeking comment. An email sent to the Ministry of Corporate Affairs was not immediately replied to.
Deloitte Haskins & Sells resigns Byju’s Auditors last month, citing delay in submission of financial statements. Representatives of three influential backers — Peak XV, Prosus NV and the Chan-Zuckerberg Initiative — quit Byju’s board in the same week, underscoring a rapid decline in trust within the company’s ranks.
The people, who did not wish to be named, said the corporate affairs ministry has sought a report in six weeks, as the information is not in the public domain. The inspection follows an internal assessment of the state of affairs of the company and – based on the findings of the inspection – the Government will decide whether the matter needs to be referred to the Serious Fraud Investigation Office.
The oversight will be a fresh headache for Byju’s, which was valued at $22 billion in a previous funding round, as it resumes talks to restructure its $1.2 billion term loan after breaching certain terms of its loan agreement. Used to be. The company, once a symbol of India’s booming startup landscape, has cut thousands of jobs and is seeking to raise more than $1 billion to tide over financial difficulties.
A Byju’s spokesperson did not respond to emails and text messages seeking comment. An email sent to the Ministry of Corporate Affairs was not immediately replied to.
Deloitte Haskins & Sells resigns Byju’s Auditors last month, citing delay in submission of financial statements. Representatives of three influential backers — Peak XV, Prosus NV and the Chan-Zuckerberg Initiative — quit Byju’s board in the same week, underscoring a rapid decline in trust within the company’s ranks.