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 defended its inability to provide the documents, saying in a statement the materials were requested from the firm’s board, which has been suspended due to the insolvency proceedings.
BDO’s email requesting documents was addressed to a suspended board, not to the insolvency professional in control of the firm at the time, the edtech firm said.
Byju’s also called for a forensic audit of BDO’s resignation by the insolvency professional, who was appointed by India’s top court.
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.
Source: CNA
