Byju’s Is Asked Reasons for Delayed Filing of Audited Accounts

According to people familiar with the matter, India requested reasons from Byju's for not filing its audited financial accounts for the year ended March 2021.

The Ministry of Corporate Affairs sent a letter to Byju's parent company asking them to explain the seventeen-month delay in filing audited accounts.

One of the people said that the online education provider acquired a number of companies during the accounting year and that's why the filing was delayed. Byju's had been on a global expansion spree, buying multiple startups in the U.S.

According to Ved Jain, founder of Ved Jain And ASSOCIATES, an unlisted company has to file its annual accounts within seven months of the financial year-end. It's rare for the filing to be delayed more than 17 months.

The company and its directors are liable for fines and prosecution if there is excessive delays in filing annual accounts. The prosecution is usually filed after two years.

The ministry of corporate affairs and Byju's didn't reply to emails.

CB Insights says the Bengaluru-based edtech pioneer has a valuation of $22 billion. Byju Raveendran is the Chief Executive Officer of the education startup.