Live
- Rajasthan HC quashes FIR against Shilpa Shetty under SC/ST Act
- Santosh Trophy 2024: Odisha grab big win against Madhya Pradesh
- Innovation programmes to come up at 1,000 campuses in Kerala
- Chelsea's James Reece to miss match against Leicester due to hamstring injury, confirms Maresca
- Aim to design Tirumala into a planned model town'-TTD EO
- Maha records 65.11 per cent polling, highest in three decades
- Have no trust in pre-poll surveys- DKS
- The Rana Daggubati Show at IFFI 2024, Redefining Celebrity Talk Shows
- TN govt to reject Tungsten mining proposal in Madurai district: Forest Minister
- Bhupesh Baghel threatens defamation case over allegations in Bitcoin scam
MCA refutes media reports on clean chit to Byju’s, says probe is still on
The Ministry of Corporate Affairs (MCA) clarified on Wednesday that it has not given Byju’s a clean chit over financial fraud as the investigation into the matter is still going on.
New Delhi: The Ministry of Corporate Affairs (MCA) clarified on Wednesday that it has not given Byju’s a clean chit over financial fraud as the investigation into the matter is still going on.
“There have been reports claiming that edtech startup Byju's has been cleared of financial fraud in an ongoing investigation by the Ministry of Corporate Affairs (MCA). It is categorically clarified that such reports are factually incorrect and misleading,” the Ministry said.
“The proceedings initiated by the MCA under the Companies Act, 2013, are still ongoing and no conclusion should be drawn in this matter at this stage,” the Ministry added.
The beleaguered Byju’s is currently involved in multiple cases in courts as well as in the National Company Law Tribunal (NCLT).
The edtech company is trying to raise $200 million in a rights issue but has been restrained from utilising any funds by the NCLT.
Byju's is also exploring out-of-court settlements with some of its creditors. Once valued at $22 billion, the edtech company is now worth zero. Global investment giant Prosus wrote off the value of its shareholding in Byju's, recording a loss of $493 million in its annual report for FY24.
