Probe Finds No Financial Fraud At Byju's But Cites Lapses In Corporate Governance
NDTV
The Ministry of Corporate Affairs probed allegations regarding the manipulation of accounts and siphoning of funds against Byju's.
Embattled edtech firm Byju's did not siphon off funds or manipulated accounts, a year-long investigation by the government has found. However, the company did go through lapses in its corporate governance structure, the government added.
The probe by the Ministry of Corporate Affairs (MCA) concluded allegations regarding the manipulation of accounts and siphoning of funds against Byju's "to be unsustainable" and as such are not recommended to be referred to the Serious Fraud Investigation Office (SFIO), according to people aware of the matter.
The MCA inspection was conducted after complaints were filed by the National Commission for Protection of Child Rights (NCPCR) and the Registrar of Companies (ROC).
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