No conclusion yet in Byju’s case, MCA clarifies

BENGALURU: The Ministry of Corporate Affairs (MCA) on Wednesday clarified that reports claiming edtech firm Byju’s has been cleared of financial fraud in an ongoing probe are factually incorrect. It said, “The proceedings initiated by MCA under the Companies Act, 2013, are still going on and no final conclusion should be drawn in this matter at this stage.”

Earlier on Wednesday, it was reported that the MCA’s probe has offered relief to the edtech firm as it found allegations regarding manipulation of accounts and siphoning of funds against Byju’s to be unsustainable. Reports also said the MCA observed that most of the corporate governance issues alleged by the directors were in relation to transparency and independence.