Quick Summary
CA Ranjeet Kumar Agarwal, President of the Institute of Chartered Accountants of India (ICAI), disclosed that the Financial Reporting Review Board (FRRB) may soon discuss the recent developments surrounding Paytm, alongside its ongoing review of ed-tech giant Byjus accounts due to governance concern
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FAQ :
The ICAI's Financial Reporting Review Board (FRRB) will discuss recent developments concerning Paytm and is already reviewing the accounts of Byju's due to governance concerns.
The Reserve Bank of India (RBI) imposed restrictions on Paytm Payments Bank Limited (PPBL) on January 31, preventing it from accepting deposits or top-ups in customer accounts from February 29.
Byju's is facing a governance crisis with investors concerned about financial mismanagement and compliance issues. Investors recently voted to remove CEO Byju Raveendran and his family.
Four investors have filed a mismanagement suit in the National Company Law Tribunal (NCLT) seeking the removal of Byju Raveendran from the board, a forensic audit, and the appointment of a new board.
The newly-elected committees of the ICAI, including the FRRB, are slated to convene in March.
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