Edtech major Byju’s will file its long-awaited financial statements for the year ended March 2021 (FY21) with the registrar of companies (RoC) on Wednesday.
Earlier this month, the ministry of corporate affairs wrote to the edtech major asking why it had not yet filed its results for FY21, which is already late by 18 months. Byju’s had said on July 4 that its audited financial results for FY21 would be announced in the next 10 days (around July 14) after Deloitte had signed off on it.
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As mandated by the regulators, private companies have to file their annual results with the corporate affairs ministry within seven months of the financial year-end. The ministry of corporate affairs (MCA) fines privately registered companies up to `200 per day from the date of the delay. Subsequently, directors of companies who delay the filing of financials beyond 270 days can be punished with imprisonment for a term which is not less than six months and which could extend up to 10 years.
FE reported last week that with several unicorns delaying their audited financial filings well beyond the permitted deadlines, the MCA has been looking at imposing stiffer penalties and tightening the regulations. The ministry believes this could lead to better compliance on reporting results on time to the Registrar of Companies (RoC).
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Other startups have also delayed filing their results. Foodtech unicorn Swiggy delayed its FY21 financial filings by more than 11 months. Mobility unicorn Ola’s subsidiary Ola Electric, which manufactures electric scooters, filed its FY21 financial by at least 13 months late with RoC. Fintech start-up Razorpay, which recently attained billion dollar status, filed its FY21 financials only by March 2022, a whole 12 months late.