Edutech company Byju has been dealt a major blow by the Enforcement Directorate (ED). The ED on Tuesday sent a show cause notice to Byju and its Chief Executive Officer (CEO) and co-founder Ravindran Byju for foreign exchange rule violations of more than Rs 9,300 crore. Financial investigation agency ED has cited several grounds for accusing Byju and its main promoter of violating FEMA rules. According to Bhasha News, this also includes the allegation of failing to submit import documents in respect of advance money sent outside the country.
According to the news, the ED has also accused the company of delay in providing details of export income as compared to the Foreign Direct Investment (FDI) received by the company. The ED said in a statement that a show cause notice was issued to Think and Learn Private Limited, a company operating under the Byju brand, and its co-founder Raveendran in connection with violations of Rs 9,362.35 crore under the provisions of the Foreign Exchange Management Act (FEMA). Is. In an e-mail sent to shareholders, the company cited the audit report of a law firm and said that it has not violated any FEMA rules.
The Enforcement Directorate said three premises, including Raveendran’s Bengaluru home, were seized in April. After the search, the statements of Raveendran and Byju’s Chief Financial Officer were recorded. According to the statement, this step has been taken following complaints received regarding foreign investment received by Think and Learn Private Limited and the ‘business conduct’ of the company.
The complaint states that the company has made investments abroad along with remittance of significant funds outside India which violates the provisions of the FEMA Act, 1999. This Bengaluru-based company provides school education exam preparation and other services. It was founded by Ravindran Byju along with his wife Divya Gokulnath.
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