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regular-article-logo Tuesday, 05 March 2024

Byju’s gets ED notice for allegedly violating forex rules of Rs 9,400 crore

The ED in April searched two businesses and one residential premises, including that of Think & Learn Pvt Ltd which is the parent of Byju’s,under the provisions of the provisions of Fema

Our Special Correspondent Mumbai Published 22.11.23, 10:22 AM
Representational image

Representational image File image

The ED has issued a show-cause notice to Byju’s parent Think & Learn Pvt Ltd (TLPL) and founder Byju Raveendran for allegedly violating forex rules of around Rs 9,400 crore.

In a post shared on the micro-blogging platform X, previously known as Twitter,
the enforcement directorate said the Adjudicating Authority of Fema has issued showcause notices under Fema, 1999.

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The ED, however, did not elaborate on the specific violations.

Earlier in the day, Byju’s denied reports of the Fema probe.

Its spokesperson had said in a statement (before the ED announcement) that “Byju’s unequivocally denies media reports that insinuate Byju’s of any Fema (Foreign Exchange Management Act) violation. The company has not received any such communication from authorities’’.

The ED in April searched two businesses and one residential premises, including that of Think & Learn Pvt Ltd which is the parent of Byju’s,under the provisions of the provisions of Fema.

A PTI report quoting official sources said that the amount of funds contravened under Fema will be ascertained in the notice.

Following the searches, the ED had claimed that it had seized various “incriminating documents and digital data”.

It had alleged “the company (Think & Learn Pvt Ltd) has not prepared its financial statements since 2020-21 fiscal and has not got the accounts, audited which is mandatory”.

According to the agency, the searches were conducted based on “various complaints” received by private people.

It also alleged that founder Bjyu Raveendran was issued “several” summons but he remained “evasive and never appeared”.

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