The Ministry of Corporate Affairs ( MCA ) has denied recent reports that Ed-tech giant Byju’s has been cleared of financial fraud allegations. In a statement, the MCA clarified that the proceedings under the Companies Act, 2013, are still ongoing and no final conclusion has been reached in the matter.
The ministry termed recent reports claiming Byju’s clearance as “factually incorrect and misleading”. The MCA initiated the investigation into Byju’s financial dealings following allegations of fraud and irregularities.
The ministry’s clarification comes amid reports that Byju’s had been given a clean chit in the investigation. However, the MCA has stated that the proceedings are still ongoing, and no conclusion should be drawn at this stage.
The development assumed significance as Byju’s has been under scrutiny for its financial practices and governance structure. The company has been accused of inflating its revenue and misrepresenting its financial health.
The MCA’s investigation is ongoing, and the ministry has not yet revealed any findings or conclusions. The clarification issued by the ministry serves as a reminder that the investigation is still in progress, and any reports of Byju’s clearance are premature and inaccurate.
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