Corporate Affairs Ministry (MCA) on Wednesday made it clear that the proceedings initiated by it under the company law against EdTech major Byju’s are still on going and that no final conclusion should be drawn in this matter at this stage.
“There have been recent reports claiming that Byju’s has been cleared of financial fraud in an ongoing investigation by the Ministry of Corporate Affairs (MCA). It is categorically clarified that such reports are factually incorrect and misleading,” MCA said in statement.
This MCA statement came in the wake of a media report on Wednesday stating that MCA has uncovered lapses in Byju’s corporate governance but did not find evidence of financial fraud.