Indian Government Orders Comprehensive Inspection Of Byju's Amid Concerns Over Financial Practices And Corpora

The Indian government has ordered a comprehensive inspection of Byju's, one of the leading EdTech companies in the country, following mounting concerns over its financial practices and corporate governance, PTI reported.

The Ministry, responsible for implementing the companies law, has announced the inspection of Think & Learn Pvt Ltd, commonly known as Byju's, a Bengaluru-based educational technology company. This decision comes in response to various developments, including the company's inability to finalize its financial statements and the resignation of its auditor, according to an official cited by PTI. The ministry has taken note of these concerns and deemed it necessary to conduct a thorough inspection of Byju's operations.

According to the official, the ministry requested an inspection of the Bengaluru-registered company earlier this month from the regional director's office in Hyderabad.

The official added that the next course of action would be chosen once the inspection report was received.

The company Think & Learn Pvt Ltd was established on November 30, 2011. According to information on file with the government, the company's last annual general meeting took place on September 19, 2022.

The edtech industry leader has faced a number of challenges recently, including doubts about its corporate governance procedures.

Three of Deloitte's board members left at the same time, indicating the crisis at the edtech company was getting worse. Deloitte's resignation as Byju's auditor was due to a delay in delivering financial results.