MCA’s BYJU’S Probe Likely To Focus On Flow And Use Of SPV Funds

MCA’s BYJU’S Probe Likely To Focus On Flow And Use Of SPV Funds

SUMMARY

The Ministry of Corporate Affairs will investigate the flow and use of funds in BYJU'S Alpha, the US unit of the edtech startup.

The decision follows a Registrar of Companies (ROC) report highlighting financial irregularities, leading to a need for an advanced probe.

BYJU'S is currently dealing with legal battles in the US, mass layoffs, financial issues, and regulatory scrutiny.

At a time when BYJU’S is facing legal action from its US lenders, the Ministry of Corporate Affairs will likely probe the flow and use of funds in a special purpose vehicle (SPV) called BYJU’S Alpha, the US unit of the embattled Indian edtech startup.

As per Moneycontrol’s report, citing a government official, the decision by the MCA follows after the Registrar of Companies (ROC), Bengaluru, recently submitted its report on BYJU’S. 

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