Key Points
Peak XV Partners, formerly Sequoia Capital India, has told its limited partners (LPs), or investors in its funds, that it resigned from Byjus board due to a lack of internal controls at the company..
It also told its LPs that it will have to significantly mark down the value of its holding in Byjus due to a lack of visibility into the companys audited financial results..
Tell me more: For several quarters, we and other investors have made continued efforts and sent numerous notices to the companys management in an effort to obtain more accurate information and to push the company to improve transparency, internal controls, and governance processes, read the letter reviewed by ETtech...
More details: Data from the Employees Provident Fund Organisation (EPFO) accessed by ET showed that Byjus had made payments worth Rs 14.6 lakh in the names of 738 employees in June, as against 24,818 employees for the month of May..
The regulatory cost and compliance burden for payment operators in India are expected to go up after the Delhi High Court order against US-based PayPal, legal executives, and lawyers told ETtech..
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