Govt expedites inspection of crisis-hit BYJU'S - Hindustan Times
close_game
close_game

Govt expedites inspection of crisis-hit BYJU'S

PTI |
Feb 26, 2024 02:04 PM IST

Govt expedites inspection of crisis-hit BYJU'S

The ministry, which is implementing the companies law, will decide the further course of action after receiving the report from its regional office.

HT Image
HT Image

In July 2023, the ministry had asked the office of the Regional Director in Hyderabad to conduct an inspection of the company Think & Learn Pvt Ltd, which is registered in Bengaluru.

Unlock exclusive access to the story of India's general elections, only on the HT App. Download Now!

Think & Learn Pvt Ltd operates under the brand BYJU'S.

On Monday, the senior official said the ministry has sought to expedite the inspection and submission of the report with respect to BYJU's.

Specific details about the inspection could not be immediately ascertained.

Last year, the minister ordered the inspection in the wake of various developments at that time at the edtech company, including its inability to finalise the statements and resignation of auditor.

The Institute of Chartered Accountants of India (ICAI) is also looking into the financial disclosures made by the edtech firm for certain financial years.

ICAI President Ranjeet Kumar Agarwal, last week, said the case is under process.

On February 23, shareholders of BYJU'S voted unanimously for removing founder CEO Byju Raveendran and his family members from the board over alleged "mismanagement and failures" at what was once India's hottest tech startup.

However, the company had called the voting done in absence of founders as invalid and ineffective.

Founder CEO Raveendran Byju, his wife and brother -- the only three members on the company board as of now -- stayed away from the Extraordinary General Meeting (EGM) called by a group of six investors, who collectively hold more than 32 per cent in Think & Learn.

At the end, more than 60 per cent of the shareholders voted in favour of all the seven resolutions, which included removing the current management, reconfiguration of the board and a third party forensic investigation into acquisitions done by the company, sources close to the investors had said.

However, sources close to BYJU'S had put the number at 47 per cent.

Discover the complete story of India's general elections on our exclusive Elections Product! Access all the content absolutely free on the HT App. Download now!
Stay informed on Business News, TCS Q4 Results Live along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Sunday, April 14, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On