MCA Clarifies No Clean Chit for Byju’s Amid Financial Fraud Investigation
New Delhi
27-June-2024
The Ministry of Corporate Affairs (MCA) clarified on Wednesday that it has not given Byju’s a clean chit over financial fraud as the investigation into the matter is still going on.
“There have been reports claiming that edtech startup Byju's has been cleared of financial fraud in an ongoing investigation by the Ministry of Corporate Affairs (MCA). It is categorically clarified that such reports are factually incorrect and misleading,” the Ministry said.
“The proceedings initiated by the MCA under the Companies Act, 2013, are still ongoing and no conclusion should be drawn in this matter at this stage,” the Ministry added.
The beleaguered Byju’s is currently involved in multiple cases in courts as well as in the National Company Law Tribunal (NCLT).
The edtech company is trying to raise $200 million in a rights issue but has been restrained from utilising any funds by the NCLT.
Byju's is also exploring out-of-court settlements with some of its creditors. Once valued at $22 billion, the edtech company is now worth zero. Global investment giant Prosus wrote off the value of its shareholding in Byju's, recording a loss of $493 million in its annual report for FY24.--IANS
More Headlines
Heavy Rainfall Hits Delhi-NCR, Causes Severe Waterlogging and Traffic Jams
Canopy Collapse at Delhi's IGI Airport Terminal 1 Halts Departures
Uddhav Thackeray Dismisses Speculations After Lift Encounter with Fadnavis
Indian Table Tennis Ace Sreeja Akula, With A Career-High Ranking Of 24, Aims To Create Upsets At Paris Olympics
Leicestershire's Louis Kimber Hits Record-Breaking 43 Runs in One Over Against Sussex
Heavy Rainfall Hits Delhi-NCR, Causes Severe Waterlogging and Traffic Jams
Canopy Collapse at Delhi's IGI Airport Terminal 1 Halts Departures
Uddhav Thackeray Dismisses Speculations After Lift Encounter with Fadnavis
Indian Table Tennis Ace Sreeja Akula, With A Career-High Ranking Of 24, Aims To Create Upsets At Paris Olympics
Leicestershire's Louis Kimber Hits Record-Breaking 43 Runs in One Over Against Sussex