According to the report, earlier this month, the Ministry of Corporate Affairs sent a letter to Byju’s parent company Think & Learn asking them to explain the seventeen-month delay in filing audited accounts.
One of the persons familiar with the development said that the delay in filing is due to consolidating the accounts of a number of companies that the online education provider acquired during the accounting year. The company has replied to MCA, the report said.
On July 4, Byju’s issued a statement saying it would announce its latest audited financials over the next ten days. Its audited financial statements for the last two financial years are pending to be filed with the Registrar of Companies.
The company’s auditor Deloitte has reportedly raised concerns about the way the edtech major recognised revenue delaying the filings.
A delay in signing the fiscal 2021 financial statement of Byju’s by its auditor Deloitte has led to compliance issues for the education startup,
ET reported on August 15.
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