For the last three years, BYJU’S Founder Raveendran has primarily been traveling back and forth between Delhi and Dubai.
The Byju’s founder had already been issued an LOC ‘on intimation’.
The corporation is being pressed for an LOC on charges of foreign exchange violation. For the past three years, the company’s founder Raveendran had been traveling between Delhi and Dubai for most of the time. The Enforcement Directorate (ED) has issued a lookout notice against Raveendran ahead of tomorrow’s key Economic and Management Board (EMG) meeting, ANI reported. The founder of Byju had already received a letter of credit “on intimation”. The Karnataka High Court on Wednesday dismissed Byju’s parent company’s petition seeking his resignation, saying that any resolutions tabled at the EGM on February 23 that called for his resignation are null and void till the final hearing and disposal of the petition. The EGM can now go ahead as scheduled.
The court has allowed the EGM to go ahead as scheduled
M/s think & Learn Private Limited and Byju Raveendran were served with a FEMA Show Cause Notice in November 2023 based on a complaint lodged by the ED under Section 16(3) of the FEMA, 1999. The complaint alleged that the company breached FEMA, 1999 Provisions of 9362,35 crores rupees. Following several complaints regarding the foreign investment received by M/s Think and Learn Private Limited and the business practices of the company, ED initiated an investigation. In addition, it was alleged that the company made huge overseas investments and transferred funds outside of India which breached FEMA, 1999 Regulations and caused a loss of revenue to the GOI.
