The ministry of corporate affairs (MCA) has ordered an inspection of Byju's books in a bid to ascertain potential corporate governance lapses at the edtech major, an official aware of the development said.
The MCA is seeking a report on the matter in one-and-a-half months before it decides on whether it needs to be probed by the Serious Fraud Investigation Office, he said.
However, the company on Tuesday maintained it had not received any communication from the MCA about such an inspection. "I can confirm Byju's has not yet received any communication from the MCA," said Zulfiquar Memon, managing partner, MZM Legal, which is the legal adviser to Byju's.
"They have previously provided appropriate explanations and clarifications to the MCA during routine inspections. Should a routine inspection take place, Byju's will be happy to cooperate fully and provide all necessary explanations and clarifications," Memon added.
Sources had told ET last month that the MCA could conduct an inspection of Byju's books.
The MCA is seeking a report on the matter in one-and-a-half months before it decides on whether it needs to be probed by the Serious Fraud Investigation Office, he said.
However, the company on Tuesday maintained it had not received any communication from the MCA about such an inspection. "I can confirm Byju's has not yet received any communication from the MCA," said Zulfiquar Memon, managing partner, MZM Legal, which is the legal adviser to Byju's.
"They have previously provided appropriate explanations and clarifications to the MCA during routine inspections. Should a routine inspection take place, Byju's will be happy to cooperate fully and provide all necessary explanations and clarifications," Memon added.
Sources had told ET last month that the MCA could conduct an inspection of Byju's books.
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