BYJU'S said that they are not "privy to any report by the MCA or the contents thereof" after the Ministry of Corporate Affairs (MCA) investigative team presented a report detailing alleged financial irregularities of the troubled EdTech firm.
According to sources, the MCA's investigative arm has accused BYJU'S of violating the Companies Act and engaging in financial irregularities. The ministry is yet to review the findings and take additional action.
"We can confirm that there are no financial irregularities whatsoever in the affairs of the company," a BYJU'S spokesperson told IANS.
"In so far as the Companies Act is concerned, any observations are likely to be technical non-compliances which have already been duly disclosed in our audited financial statements. We await any formal communication from the MCA," the spokesperson added.
The company earlier said that it responded with all necessary responses along with documents to the MCA, as the government expedited the inspection of the financial books of BYJU’S.
On Wednesday, March 13, the Karnataka High Court granted time to Think and Learn, the parent company of EdTech major BYJU'S, to file a rejoinder to the response filed by some of the investors.
The stay against the resolutions at the Extraordinary General Meeting (EGM), which the investors passed on February 23 continues, and "none of those resolutions can be given effect to", BYJU'S said in a statement.
The matter will next be heard on March 28, the company said.
