“There have been reports claiming that edtech startup Byju’s has been acquitted of financial fraud in the ongoing investigation by the Ministry of Corporate Affairs (MCA). It is categorically clarified that such reports are factually incorrect and misleading,” the ministry said.
"The proceedings initiated by the MCA under the Companies Act, 2013 are still ongoing and no conclusion should be drawn in the matter at this stage," the ministry said.
Troubled Byju's is currently involved in several cases in the courts as well as the National Company Law Tribunal (NCLT).
The edtech company is trying to raise $200 million in a rights issue, but NCLT has barred it from using any funds.
Byju's is also exploring the possibility of reaching an out-of-court settlement with some of its creditors. The value of this edtech company, once valued at $22 billion, has now dropped to zero. Global investment giant Prosus wrote off the value of its shareholding in Byju's, reporting a loss of $493 million in its annual report for fiscal 2024.
"The proceedings initiated by the MCA under the Companies Act, 2013 are still ongoing and no conclusion should be drawn in the matter at this stage," the ministry said.
Troubled Byju's is currently involved in several cases in the courts as well as the National Company Law Tribunal (NCLT).
The edtech company is trying to raise $200 million in a rights issue, but NCLT has barred it from using any funds.
Byju's is also exploring the possibility of reaching an out-of-court settlement with some of its creditors. The value of this edtech company, once valued at $22 billion, has now dropped to zero. Global investment giant Prosus wrote off the value of its shareholding in Byju's, reporting a loss of $493 million in its annual report for fiscal 2024.
