Byju's is facing an investigation by the SFIO regarding alleged financial irregularities, including delayed financial reporting and the resignation of its statutory auditor. The SFIO, a multi-disciplinary organization, has been tasked with probing these matters. The ED has also investigated alleged irregularities at Byju's, questioning the authenticity of the company's figures. , Companies News, Times Now
Ironically, the processes in and around the boardroom generally focus on literal compliance and box-ticking in all matters — be it selection and appointment of directors, or boardroom governance. The directors, in most of the cases, often look and act distant and detached, and are unable to play a proactive and strategic role or act firmly.
Independent directors need to be vigilant so that they receive the information needed. They need to clearly define what they need, and insist upon getting the same. The agenda papers should have a purpose and should focus on clearly bringing out the facts, issues, views and recommendations of the management.