Jun 26, 08:23 AM

India's MCA Probe Finds Governance Lapses at Byju's, Financial Fraud Investigation Ongoing

An investigation by India's Ministry of Corporate Affairs (MCA) into the online education startup Byju's has found lapses in corporate governance but no evidence of financial fraud. The yearlong probe concluded that Byju's failed its investors through compliance issues, although there was no wrongdoing such as siphoning of funds or manipulation of financial accounts. However, the MCA has refuted reports, including a Bloomberg report, claiming that Byju's has been cleared of financial fraud, stating that the investigation is still ongoing under the Companies Act, 2013, and no final conclusions should be drawn at this stage.

#India #Ministry of Corporate Affairs #MCA #Byju #Bloomberg

Written with ChatGPT (GPT-4o).