Source:https:\/\/techcrunch.com\/2023\/06\/22\/india-ordered-an-investigation-into-byjus-days-before-auditor-and-board-members-resigned-report-says\/<\/a><\/br>
\nIndia ordered an investigation into Byju\u2019s days before auditor and board members resigned, report says<\/br>
\n2023-06-23 22:02:54<\/br><\/p>\n

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India\u2019s corporate affairs ministry ordered an investigation into edtech startup Byju\u2019s last week, television news channel CNBC-TV18 reported Friday, further complicating matters at the most valuable<\/span> Indian startup that <\/span>lost its auditor and three board members<\/a> on Thursday.<\/span><\/p>\n

The ministry has taken cognizance of \u201cvarious corporate governance lapses\u201d at Byju\u2019s, the television channel reported, citing unnamed sources.<\/p>\n

The new probe follows the ministry asking Byju\u2019s last year to explain why it hadn\u2019t filed its audited financials<\/a>. In late April, India\u2019s crime-fighting agency searched three premises<\/a> of edtech giant Byju\u2019s and its founder Byju Raveendran, it said Saturday, and seized various \u201cincriminating\u201d documents and digital data.<\/p>\n

Byju\u2019s attracted\u00a0intense scrutiny<\/a>\u00a0last year from the government, investors and creditors after it\u00a0repeatedly failed<\/a>\u00a0to publish its accounts. In September, Byju\u2019s finally published its accounts for the year ending March 2021, revealing revenue figures that fell short of its own projections.<\/p>\n

Global giant Deloitte quit as the auditor of Byju\u2019s and three board members resigned from the startup on Thursday, sending a shockwave through the industry. In a letter to the board on Thursday, Deloitte said that it had not undertaken the auditing of the edtech giant\u2019s accounts for the year ending March 2022 and cited the delay as a reason for its resignation.<\/p>\n

The Bengaluru-headquartered startup, also the world\u2019s most valuable education technology company, is grappling with a series of challenges. It refused to make a $40 million payment earlier this month and counter-sued its lenders<\/a>. Byju\u2019s said its lenders were operating in \u201cbad-faith negotiating tactics.\u201d Lenders allege that Byju\u2019s has technically defaulted on the loan.<\/p>\n

The startup is also\u00a0cutting about 1,000 jobs as it pushes to improve its finances<\/a>. BlackRock cut Byju\u2019s valuation by\u00a0nearly two-thirds to $8.4 billion<\/a>\u00a0at the end of March this year, TechCrunch first reported.<\/p>\n<\/p><\/div>\n

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Science, Tech, Technology<\/br>
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\nSource:https:\/\/techcrunch.com\/2023\/06\/22\/india-ordered-an-investigation-into-byjus-days-before-auditor-and-board-members-resigned-report-says\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/22\/india-ordered-an-investigation-into-byjus-days-before-auditor-and-board-members-resigned-report-says\/ India ordered an investigation into Byju\u2019s days before auditor and board members resigned, report says 2023-06-23 22:02:54 India\u2019s corporate affairs ministry ordered an investigation into edtech startup Byju\u2019s last week, television news channel CNBC-TV18 reported Friday, further complicating matters at the most valuable Indian startup that lost its auditor and three board members on […]<\/p>\n","protected":false},"author":1,"featured_media":35884,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-35883","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\n