Key Points
BDO (MSKA & Associates), which was appointed as the auditor of Byju's and Aakash Educational Services last year, has resigned from the embattled edtech amid financial and governance concerns..
The resignation letter from BDO subsidiary MSKA pointed out several key issues with Byjus..
MSKA & Associates stated in their resignation letter that a questionable transaction involving Dubai-based reseller More Ideas General Trading LLC was reported to the Corporate Affairs ministry on September 2. The transaction in question pertains to the recovery of approximately Rs 1,400 crore from the reseller...
The letter also stated concerns about various ongoing litigations against Byjus and its board, including initiation of liquidation proceedings by lenders, and allegations of oppression and mismanagement by minority shareholders.. MSKA noted instances where Byjus failed to share critical information, such as notices for EGM and insolvency proceedings, with the auditing team...
Post the audit takeover by MSKA in August 2023, Byju's parent company, Think & Learn Pvt Ltd, disclosed a consolidated loss of Rs 8,245 crore against operating revenue of Rs 5,014 crore for the fiscal year concluding on March 31, 2022...
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