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The Adjudicating Authority of the Enforcement Directorate (ED) shared an update pertaining to an investigation of a complaint against the CEO of BYJU’S,Byju Raveendran pertaining to foreign investment received by the company. “Adjudicating Authority issues show cause notices to M/s. Think & Learn Private Limited and Byju Raveendran for violation involving an amount of Rs. 9362.35 Crore under FEMA (Foreign Exchange Management Act), 1999,” the post shared by the ED on the micro-blogging site X (formerly known as Twitter) stated.
Adjudicating Authority issues show cause notices to M/s. Think & Learn Private Limited and Byju Raveendran for violation involving an amount of Rs. 9362.35 Crore under FEMA, 1999
— ED (@dir_ed) November 21, 2023
">November 21, 2023
The ED had conducted a search on the premises of Byju Raveendran on 28th April and on the premises of Think & Learn Private Limited on 27th April. It scrutinised the investments received by the company and the investments made by the company in foreign countries as well. “On conclusion of the investigation, it was found that M/s. Think & Learn Private Limited & Byju Raveendran have contravened the provisions of FEMA by failing to submit documents of imports against advance remittances made outside India, by failing to realise proceeds of exports made outside India, by delayed filing of documents against the Foreign Direct Investment (FDI) received into the company, by failing to file documents against the remittances made by the company outside India and by failing to allot shares against FDI received into the company,” a press release by the ED mentioned.
BYJU’s had earlier dismissed media reports about the show cause notice from the ED through a post on X. “BYJU’s unequivocally denies media reports that insinuates BYJU’s of any FEMA violation. The company has not received any such communication from authorities,” the post mentioned. The quote was attributed to BYJU's spokesperson.
— BYJU'S (@BYJUS) November 21, 2023
">November 21, 2023
