<p>What comes as an action against Byju’s alleged financial reporting compliance failures and governance lapses, the Serious Frauds Investigation Office (SFIO) has initiated a probe into the edtech major as <a href="https://www.thehindubusinessline.com/companies/sfio-commences-probe-into-edtech-major-byjus-irregularities/article67057645.ece" target="_blank">reported </a>by <em>The Hindu Business Line. </em></p>.<p>Prior to this move by the multidisciplinary organisation that falls under the purview of the Ministry of Corporate Affairs, Byju's had committed its investor to close the long-pending audit of the financial year 2022 by September and of the fiscal year 2023 by December.</p>.<p>In the month of June, the directors, G V Ravishankar of Peak XV Partners (Sequoia Capital India), Russel Dreisenstock of Prosus, and Vivian Wu of Chan Zuckerberg Initiative stepped down owing to their “differences” with the founder Byju Raveendran.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/national/scam-series-director-hansal-mehta-calls-out-edtech-firm-byjus-gets-support-on-twitter-1232639.html" target="_blank">'Scam' series director Hansal Mehta calls out edtech firm Byju's, gets support on Twitter</a></strong></p>.<p>In the same month, audit firm Deloitte resigned as auditors of Byju's citing a delay in submission of financial statements.</p>.<p>The latest development comes against the backdrop of Lok Sabha member Karti Chidambaram flagging concerns about the finances of the edtech startup in 2022. The Congress leader had also written to the ICAI (Institute of Chartered Accountants of India) to review the company's financials. ICAI President Debashis Mitra said the Institute was aware of the issues at Byju's and that was not just because Karti Chidambaram had written to it about the alleged issues.</p>.<p>The chartered accountants' apex body ICAI is already undertaking a review on Byju’s financial statements for the financial years 2019-20 and 2020-21.</p>.<p>Prior to the announcement of the SFIO’s probe, Byju’s constituted a Board Advisory Committee (BAC) in order to deal with the backlash. It was expected to advice Byju Raveendran on Board composition and governance structure, as reported by the publication. </p>.<p>Meanwhile, the edtech major has reportedly not received any information of the probe. </p>
<p>What comes as an action against Byju’s alleged financial reporting compliance failures and governance lapses, the Serious Frauds Investigation Office (SFIO) has initiated a probe into the edtech major as <a href="https://www.thehindubusinessline.com/companies/sfio-commences-probe-into-edtech-major-byjus-irregularities/article67057645.ece" target="_blank">reported </a>by <em>The Hindu Business Line. </em></p>.<p>Prior to this move by the multidisciplinary organisation that falls under the purview of the Ministry of Corporate Affairs, Byju's had committed its investor to close the long-pending audit of the financial year 2022 by September and of the fiscal year 2023 by December.</p>.<p>In the month of June, the directors, G V Ravishankar of Peak XV Partners (Sequoia Capital India), Russel Dreisenstock of Prosus, and Vivian Wu of Chan Zuckerberg Initiative stepped down owing to their “differences” with the founder Byju Raveendran.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/national/scam-series-director-hansal-mehta-calls-out-edtech-firm-byjus-gets-support-on-twitter-1232639.html" target="_blank">'Scam' series director Hansal Mehta calls out edtech firm Byju's, gets support on Twitter</a></strong></p>.<p>In the same month, audit firm Deloitte resigned as auditors of Byju's citing a delay in submission of financial statements.</p>.<p>The latest development comes against the backdrop of Lok Sabha member Karti Chidambaram flagging concerns about the finances of the edtech startup in 2022. The Congress leader had also written to the ICAI (Institute of Chartered Accountants of India) to review the company's financials. ICAI President Debashis Mitra said the Institute was aware of the issues at Byju's and that was not just because Karti Chidambaram had written to it about the alleged issues.</p>.<p>The chartered accountants' apex body ICAI is already undertaking a review on Byju’s financial statements for the financial years 2019-20 and 2020-21.</p>.<p>Prior to the announcement of the SFIO’s probe, Byju’s constituted a Board Advisory Committee (BAC) in order to deal with the backlash. It was expected to advice Byju Raveendran on Board composition and governance structure, as reported by the publication. </p>.<p>Meanwhile, the edtech major has reportedly not received any information of the probe. </p>