BYJU's: Cloud Over IPO, Valuation

Auditor resignation brings more bad news for the edtech start-up.

- RUKMINI RAO

Trouble seems to be deepening for India's most celebrated edtech start-up BYJU's with auditor and three directors representing investors submitting their resignations. On June 22, statutory auditor Deloitte Haskins & Sells wrote a scathing letter over long delay in filing of financial results for FY22. It referred to two earlier letters to Byju Raveendran, managing director, and three to the board, expressing similar concerns.

According to statutory requirement, the results had to be placed before shareholders by September 30, 2022. "We have also not received any communication on resolution of audit report modifications in respect of year ended March 31, 2021, status of audit readiness of financial statements and underlying books and records for year ended March 31, 2022, and have not been able to commence the audit as on date," the letter said.