MCA denies giving clean chit to Byju’s, says proceedings still underway

The ministry of corporate affairs on Wednesday said proceedings initiated against edtech firm, Byju’s under the companies law are still ongoing and a final conclusion cannot be drawn in the matter at this stage.

Last year, MCA had ordered the inspection of the books of Byju’s in the wake of various developments at the company, including its inability to finalise the statements and the resignation of an auditor.

In a statement on Wednesday, MCA said reports claiming that Byju’s has been cleared of financial fraud in an ongoing investigation by it are “factually incorrect and misleading”.

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“The proceedings initiated by MCA under the Companies Act, 2013, are still on going and no final conclusion should be drawn in this matter at this stage,” it added.

In July 2023, MCA asked the office of the regional director in Hyderabad to conduct an inspection of the company Think & Learn, which is registered in Bengaluru. Think & Learn operates under the brand Byju’s.