EXCLUSIVE | Enforcement Directorate issues over Rs 9,000-crore show cause notice to Byju's
Byju's violated FEMA norms by not submitting documents of imports against advance remittances made outside India, and failing to realize proceeds of exports, the ED said.
The Enforcement Directorate on Tuesday issued a show cause notice to education tech (edtech) startup Byju's over alleged violations worth Rs 9,362 crore of Foreign Exchange Management Act (FEMA) norms.
Byju's violated the norms by not submitting documents of imports against advance remittances made outside India, and failing to realise proceeds of exports, and also delayed filing of documents against the foreign investment received and failed to allot shares against these, said the ED, the country's financial crime-fighting agency.
Earlier on Tuesday, Byju's denied reports suggesting it had received any notice from the agency.
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"Byju's unequivocally denies media reports that insinuate it has received a notice from the Enforcement Directorate. The company has not received any such communication from the Enforcement Directorate," the company said in a statement.
Zee Business had reported that the ED, the country's financial crime-fighting agency, issued show-case notices to Think and Learn Pvt Ltd, the parent of Byju's, and its founder Byju Raveendran.
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
— BYJU'S (@BYJUS) November 21, 2023
In April, the ED raided three premises linked to Byju's over alleged FEMA violations, revealing a reception of nearly Rs 28,000 crore in foreign direct investment from 2011 to 2013.
With inputs from Reuters