1 week Ago
Indian education technology company Byju's' auditor BDO Global has resigned after the startup did not provide documents requested following the start of insolvency proceedings, Byju's said on Saturday. Byju's is fighting several battles including the insolvency proceedings and a $1 billion claim from U.S.
-based Glas Trust. BDO was appointed auditor earlier this year after Byju's' former auditor, Deloitte, left the company, citing several issues with the company's financial reporting. The auditor said in a letter to the company dated Tuesday that despite "inordinate" delays in filing its financials for the year ended March 2023, management had provided inadequate support to complete the audit.
"We have reasons to believe that the management of the company lacks transparency with respect to providing full information to the auditor for their consideration and evaluation," BDO wrote in the letter, seen by Reuters. Backed by General Atlantic, Byju's was valued at $22 billion in 2022, but it has seen its fortunes plummet due to many regulatory issues and more recently a dispute with U.S.
banks demanding $1 billion in unpaid dues, triggering the company's insolvency, which led to an assets freeze..
