The government has ordered an inspection of Byju's account books, adding to the tech titan’s ballooning woes.
What Happened? The Ministry of Corporate Affairs has launched into action after Deloitte resigned as auditor and three board members left the firm last month, sources told Bloomberg.
The government will decide whether the case will be handed over to the Serious Fraud Investigation Office depending on the outcome of the investigation.
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Meanwhile, Byju’s has also been trying to negotiate with lenders to restructure a $1.2 billion (₹10,000 crore) term loan after breaching certain terms of the contract.
Representatives of three major backers, Peak XV, Prosus NV and the Chan-Zuckerberg Initiative, walked out of the firm promptly after Deloitte resigned, signalling a lack of faith in the company’s management.
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