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Business News/ Companies / News/  Byju’s under MCA watch over filing delay
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Byju’s under MCA watch over filing delay

A person aware of the matter said the delay was on account of the many acquisitions Byju’s has made in the fiscal year

Delays in filing annual accounts, which are to be filed not later than seven months of the financial year-end, are not taken lightly as it usually indicates delays in finalizing the accounts or getting them audited. mintPremium
Delays in filing annual accounts, which are to be filed not later than seven months of the financial year-end, are not taken lightly as it usually indicates delays in finalizing the accounts or getting them audited. mint

Following a query from the corporate affairs ministry in early July, edtech firm Byju’s is preparing to file its annual returns for FY21 next week, said a person aware of the discussions in the company, even as the ministry has now received calls for a closer look into the accounts.

Delays in filing annual accounts, which are to be filed not later than seven months of the financial year-end, are not taken lightly as it usually indicates delays in finalizing the accounts or getting them audited. In the case of FY21, the ministry had given extra time till March for filing financial statements and annual returns, owing to covid-led disruptions.

The person quoted above, who spoke on the condition of anonymity, said the ministry’s communication about delay in filing the statutory documents was over a month old. “Byju’s has already replied to the notice. The delay is due to multiple acquisitions by Byju’s during the financial year and its plans for further acquisitions in the subsequent financial year. Because of the longer-than-expected time taken for accounting multiple transactions, the financial result got delayed. The ministry has already received this reply by Byju’s in July. Now the work is almost completed. The result is likely to be filed by next week,“ said the person, who is directly familiar with Byju’s discussions with auditors and the company’s audit committee.

Congress party MP Karti P. Chidambaram had last month sought a probe into the finances of the company, several media organisations reported on 21 July quoting a report by news agency IANS. A second person, who is aware about discussions in the government, said that the request is under examination of the ministry. A spokesperson for Byju’s declined to comment.

gireesh.p@livemint.com

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ABOUT THE AUTHOR
Gireesh Chandra Prasad
Gireesh has over 22 years of experience in business journalism covering diverse aspects of the economy, including finance, taxation, energy, aviation, corporate and bankruptcy laws, accounting and auditing.
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Published: 26 Aug 2022, 12:58 AM IST
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