This comes after Julius Baer Group Limited, a Swiss private banking group, accused Macquarie of charging clients based on a 2022 funding round that valued the Bengaluru-headquartered online educator at $22 billion, this even after other investors marked down their valuations by as much as 95%, the report said.

“You continue to calculate management fees based on a net asset value that no longer intrinsically represents what Byju’s is worth. Hence, we believe this demonstrates a disincentive for Macquarie to devalue the position, despite the strong market indications that the March 2022 valuation no longer holds, in contravention of your fiduciary duties as a fund manager,” said Julius Baer chief investment officer (CIO) Yves Bonzon in a letter to Macquarie, in January.

Bonzon also pointed to how, in December last year, the Swiss Bank marked down its own valuation of a feeder firm as ‘we found it challenging to justify the position held by Macquarie.’ It is through the said feeder fund that Julius Baer clients invested into a Macquarie vehicle that has a stake in Byju’s.

“We have repeatedly sought clarifications in these matters, yet the response thus far have not provided the clarity or resolution we expect. This issue is of significant importance, not only due to the size of the investment, but also because it reflects on the integrity of partnership,” the Julius Baer CIO’s letter further stated.

The development, meanwhile, comes at a time when Byju’s is already engulfed in multiple crises, including the recent ‘ouster’ from the company of co-founder Byju Raveendran, who was also its CEO. The firm has termed the move as ‘invalid.’