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Corporate affairs ministry ordered inspection of Byju's last week: Report

The ministry has taken cognisance of various corporate governance lapses at Byju's, the television channel reported

Byju's

Byju’s

Reuters BENGALURU

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BENGALURU (Reuters) -India's corporate affairs ministry ordered an inspection of edtech startup Byju's last week, CNBC-TV18 reported on Friday, citing sources.
The ministry has taken cognisance of various corporate governance lapses at Byju's, the television channel reported.
A Byju's spokesperson denied the report and called it speculative.
"We have not received any such correspondence from MCA regarding this, and are not aware of any such inspection," the spokesperson said in a statement.
The finance ministry did not respond to a message seeking comment.
The report comes a day after Deloitte and three board members of Byju's severed ties with the company amid an escalating legal battle with its lenders and its plummeting valuation in the eyes of some investors.
Byju's is also locked in a dispute with its lender Redwood Management, which alleged that the edtech company "wrongfully moved" $500 million, leading it to sue the investment management firm.
(Reporting by Chris Thomas and Manvi Pant in Bengaluru; Editing by Dhanya Ann Thoppil, Sonia Cheema and Janane Venkatraman)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jun 23 2023 | 3:39 PM IST

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