ED shock to BYJU'S, CEO and co-founder Ravindran Byju received notification, and he is aware of the whole situation

 ED shock to BYJU'S, CEO and co-founder Ravindran Byju received notification, and he is aware of the whole situation

Under the terms of the Foreign Exchange Management Act (FEMA), Think and Learn Pvt Ltd and its co-founder Raveendran have been sent a show cause notice in relation to breaches of Rs 9,362.35 crore.

Byju's co-founder and chief executive officer is Ravindran Byju.

The Enforcement Directorate (ED) has inflicted a serious blow to the edutech startup Byju's. The Chief Executive Officer (CEO) and co-founder of Byju, Ravindran Byju, received a show-cause notice from the ED on Tuesday for violating foreign currency regulations to the tune of about Rs 9,300 crore. The financial investigative department, ED, has accused Byju and its principal promoter of breaking multiple FEMA regulations. Bhasha News claims that this also includes the charge of neglecting to file import paperwork for advance payments made outside of the nation.

Accusation of a delay in providing export revenue information

The firm has reportedly been charged by the ED of delaying the disclosure of export revenue information in comparison to the Foreign Direct Investment (FDI) that it has received. In a statement, the ED said that Think and Learn Private Limited, a business using the Byju name, and its co-founder Raveendran had received a show-cause notice in relation to breaches totaling Rs 9,362.35 crore under the terms of the Foreign Exchange Management Act (FEMA). As. Citing a legal firm's audit report, the business assured shareholders via email that it had not broken any FEMA regulations.

declarations made

Three locations, including Raveendran's Bengaluru residence, were reportedly taken in April, according to the Enforcement Directorate. Following the search, the Chief Financial Officer of Byju and Raveendran's comments were recorded. The statement claims that this action was taken in response to concerns against Think and Learn Private Limited's foreign investment and its "business conduct."

According to the allegation, the business has violated the FEMA Act of 1999 by making investments overseas and remitting substantial sums of money outside of India. This Bengaluru-based business offers a range of services, including test preparation and schooling. Ravindran Byju and his spouse Divya Gokulnath started it.