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Byju Raveendran
Edtech giant Byju’s is reportedly not under any investigation by the Serious Fraud Investigation Office (SFIO), according to a new report by CNBCTV18 citing sources from Ministry of Corporate Affairs (MCA).
The MCA is still examining the matter involving the company, with a decision regarding a potential SFIO investigation pending the conclusion of the ministry's probe, the report added.
The development comes amid Byju’s is under scrutiny for alleged governance lapses and compliance failures, but the company has emphatically denied these accusations. "I can confirm that Byju's has not received any communication from the MCA regarding this matter. If a routine inspection is initiated, Byju's will fully cooperate and provide all necessary explanations and clarifications," stated Zulfiquar Memon, Managing Partner of MZM Legal.
The clarification from the MCA comes in response to a report published by The Hindu Business Line on July 8. The report suggested that the SFIO, a multidisciplinary body operating under the MCA, had launched an investigation into Byju’s.
"We firmly deny speculative media reports suggesting that the MCA has ordered an inspection into Byju’s. We have received no such correspondence from the MCA, and are not aware of any ongoing inspection," a spokesperson for Byju’s commented on June 23.
The MCA is currently probing the issue, and the outcome of this investigation will determine the need for any further SFIO involvement. As of now, Byju's maintains its compliance with all regulatory standards and eagerly awaits the conclusion of the MCA's review.
The edtech giant recently hired upGrad's former CEO, Arjun Mohan as its international CEO. However, Arjun denied these claims and said he joined Byju's but not as an international CEO.
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