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Byju’s is under investigation for its use of funds in its US-based Special Purpose Vehicle (SPV), Byju’s Alpha.
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The investigation focuses on the flow and use of funds in the SPV, which managed a $1.2 billion loan from US lenders.
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Byju’s is facing legal action from its US lenders and has been under scrutiny for alleged governance lapses and compliance issues.
The Ministry of Corporate Affairs (MCA) is investigating Byju’s use of funds in its US-based SPV, Byju’s Alpha. This comes after the Registrar of Companies (ROC) submitted a report highlighting concerns over financial irregularities. The investigation will examine the flow and use of funds in the SPV, which was incorporated to manage a $1.2 billion loan from US lenders.
Byju’s has been facing legal action from its US lenders and has been under MCA scrutiny since July 2023 for alleged governance lapses and compliance issues. The company has also faced resignations from key directors and its auditor, Deloitte.
