How Byju's escaped law despite lapses: 8 points

Grave deficiencies in Byju's governance were indeed discovered, resulting in financial instability; however, the government did not uncover any proof of financial misconduct by the ed-tech company

Data Intelligence Team
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How Byju's escaped law despite lapses: 7 points

How Byju's escaped law despite lapses: 7 points

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Findings from the probe into Byju's accounts

  1. Famous ed-tech firm Byju's has been cleared of financial fraud by India's Ministry of Corporate Affairs (MCA) after a year-long investigation.
  2. Major lapses in the governance of the ed-tech firm were identified indeed, which led to financial instability, but the government found no evidence of financial fraud.
  3. But Teleperformance withdrew its bankruptcy plea after paying up dues worth Rs 3 crore or Rs 4 crore.
  4. Investor tensions are still running high, though, with major investors having resigned from the board due to corporate governance issues.
  5. Prosus Ventures has written off its 9.6% of its stake, which signals financial trouble for Byju's.
  6. The MCA report accessed by The Squirrels shows customer complaints about refunds, governance deficiencies and financial mismanagement.

What Byju's must fix

  1. Byju's must overhaul governance to regain investor confidence and stabilise operations.
  2. Its future hinges on addressing these issues and leveraging new technologies like AI.
Byju's fraud