An Indian lawmaker, Karti Chidambaram, called for an investigation into the finances of Byju’s, the country’s most valuable startup, for failing to submit financial statements for the fiscal year that ended in March 2021, which he claims violates a local law, as well as other “loopholes.”
Chidambaram, a Lok Sabha Member from Sivaganga, wrote to the country’s fraud regulator on Wednesday, requesting that they open an investigation into the finances of Byju’s, which, he pointed out, has yet to secure $250 million capital from its most recent funding round announced in March, has fired hundreds of employees, and is looking to acquire an American firm at a valuation of more than $2 billion.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
An Indian lawmaker, Karti Chidambaram, called for an investigation into the finances of Byju’s, the country’s most valuable startup, for failing to submit financial statements for the fiscal year that ended in March 2021, which he claims violates a local law, as well as other “loopholes.”
Chidambaram, a Lok Sabha Member from Sivaganga, wrote to the country’s fraud regulator on Wednesday, requesting that they open an investigation into the finances of Byju’s, which, he pointed out, has yet to secure $250 million capital from its most recent funding round announced in March, has fired hundreds of employees, and is looking to acquire an American firm at a valuation of more than $2 billion.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
