NEW DELHI: Byju’s on Saturday announced that its auditor, BDO Global, has stepped down from its role after it failed to provide the necessary documents requested by the auditor following the commencement of insolvency proceedings.
The company clarified that the materials were sought from its board, which has been suspended due to the ongoing insolvency proceedings.
Byju’s further pointed out that BDO’s email requesting the documents was addressed to the suspended board and not to the insolvency professional who was in charge of the company at the time. The edtech firm emphasized this discrepancy in its statement.
Additionally, Byju’s called for a forensic audit of BDO’s resignation appointed by India’s top court.
Once valued at $22 billion in 2022, Byju’s has witnessed a significant downturn in its fortunes. The company has faced numerous regulatory issues and, more recently, a dispute with US banks over $1 billion in unpaid dues.
The company clarified that the materials were sought from its board, which has been suspended due to the ongoing insolvency proceedings.
Byju’s further pointed out that BDO’s email requesting the documents was addressed to the suspended board and not to the insolvency professional who was in charge of the company at the time. The edtech firm emphasized this discrepancy in its statement.
Additionally, Byju’s called for a forensic audit of BDO’s resignation appointed by India’s top court.
Once valued at $22 billion in 2022, Byju’s has witnessed a significant downturn in its fortunes. The company has faced numerous regulatory issues and, more recently, a dispute with US banks over $1 billion in unpaid dues.
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