 "Proceedings initiated against Byju's under companies law still ongoing: MCA")
The Ministry of Corporate Affairs on Wednesday said proceedings initiated against edtech player BYJU'S under the companies law are "still ongoing" and a final conclusion cannot be drawn in the matter at this stage.
Last year, the ministry ordered the inspection of the books of BYJU'S in the wake of various developments at the edtech company, including its inability to finalise the statements and the resignation of an auditor.
In a statement on Wednesday, the Ministry of Corporate Affairs (MCA) said reports claiming that BYJU'S has been cleared of financial fraud in an ongoing investigation by it are "factually incorrect and misleading".
"The proceedings initiated by MCA under the Companies Act, 2013, are still on going and no final conclusion should be drawn in this matter at this stage," it added.
In July 2023, MCA asked the office of the Regional Director in Hyderabad to conduct an inspection of the company Think & Learn Pvt Ltd, which is registered in Bengaluru.
Think & Learn Pvt Ltd operates under the brand BYJU'S.
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