Byju’s CEO Raveendran Rejects Auditor’s Suggestion of Backdating Reports

Byju Raveendran disclosed that they had been requested to perform multiple backdatings of reports, alleging that this had occurred recently. However, Byju’s management stated that they did not agree to this request, emphasizing that they have nothing to conceal. According to Raveendran, the auditors requested a forensic audit of the transaction with a Middle East-based partner that had been approved in June, but no progress was made on it. Byju’s management also criticized the auditors for allegedly failing to communicate with the board and the Insolvency Resolution Professional, despite being the first to be informed about the insolvency proceedings.

Byju’s is currently undergoing insolvency following a Supreme Court order based on an appeal from US-based lender representative Glas Trust. The company’s management emphasized that they have complied with every request made by BDO, except those that would breach ethical and legal boundaries. The company stated that they refused to backdate documents as explicitly suggested by BDO representatives in call recordings. Byju’s entered insolvency proceedings on July 16, 2024, due to a legal dispute with the Board of Control for Cricket in India (BCCI), leading to the appointment of an Insolvency Resolution Professional and the suspension of the company’s board.

Byju’s management also highlighted BDO’s failure to include the Insolvency Resolution Professional in an email sent to the suspended board seeking clarification about historical transactions. They further criticized BDO for its lack of communication with the Insolvency Resolution Professional as “surprising and suspicious.” Queries sent to MSKA & Associates and BDO India did not receive a response at the time of filing the report. (Note: Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)