MCA asks for fast submission of inspection report on Byju’s

economictimes.indiatimes.com:

Byju’s and submit the inspection report at the earliest, a senior official told ET. It will take a final call on the next course of action, including whether the matter needs to be referred to the Serious Fraud Investigation Office or the National Financial Reporting Authority (NFRA), based on the findings he added

While the NFRA currently doesn’t have remit over a private limited company like Byju’s, the audit regulator is empowered to initiate a probe into any case if the government asks it to do so, another person said.

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Byju’s came under the heightened glare of the MCA, regulators and probe agencies last year, especially after the resignation of three directors and the auditor – Deloitte –over an inordinate delay in the announcement of its financial results, among others.

Last week, a majority of Byju's shareholders voted to remove Raveendran from the chief executive officer (CEO) post. However, the company called the vote invalid and insisted that Raveendran remained the CEO.

Changes to Companies Act
The MCA is also on the verge of finalising amendments to the Companies Act, the official said. “Interministerial consultations are mostly over,” he said, indicating that the amendments could be brought in after the general election in April-May.

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