ED Issues Over Rs 9,300 Crore FEMA Notice Against BYJU’S and Its Main Promoter Raveendran
GG News Bureau
New Delhi, 22nd Nov. The Enforcement Directorate (ED) on Tuesday issued a notice of over Rs 9,300 crore against BYJUs and its CEO Raveendran Bjyu for violating foreign exchange regulations.
The notice accuses the company and its promoter of various charges, including failure to submit import documents, delayed filing of export documents, and failure to realize proceeds of exports.
The notice has been issued under the provisions of the Foreign Exchange Management Act (FEMA). If found guilty, the ED has the power to penalize violators up to three times the mentioned amount.
The ED conducted searches at three premises, including Raveendran’s house, in April after receiving complaints about foreign investments and the company’s business conduct.
The investigation revealed that the company and Raveendran violated FEMA provisions by failing to submit import documents, realize export proceeds, file documents for foreign direct investment, file documents for remittances made outside India, and allot shares against FDI.
The company also allegedly booked Rs 944 crore as advertisement and marketing expenses, including remittances to foreign jurisdictions.
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