In this article, we will talk about the forex violation amounting to Rs 9,000 crore in which Byju’s name is involved and the news related to this topic is running on the top of news channels. It is an Indian multinational educational technology company and it is used for educational purposes. Now, it is coming forward that the Enforcement Directorate (ED) detected foreign exchange violations worth Rs 9,000 crore by a struggling ed-tech company. Lots of questions are arriving in people’s minds related to this topic many asking online platforms to get more details, so we made an article and shared all the details in this article.
Reportedly, the Enforcement Directorate (ED) shared that they found forex violations amounting to Rs 9,000 crore by Byju’s on Tuesday 21 November 2023. It has been under the ED’s scanner for potential foreign exchange violations since April 2023. The charge against Byju’s comes after the ED in May conducted search and seizure operations at three premises in Bengaluru under FEMA provisions in a case related to founder and CEO Byju Raveendran and his company ‘Think and Learn Pvt Ltd’. After coming out of this news, it attracted the interest of many and created a buzz. Swipe up this page and continue your reading to know more.
Byju’s Faces Heat Over Alleged Forex Violation of Rs 9000 Crore
Further, during the search and seizure operation, the investigating agency gained various incriminating documents and digital data. The searches also disclosed that the company has received foreign direct investment (FDI) of about Rs 28,000 crore during the period 2011 to 2023. The company has also remitted around Rs 9,754 crore to various foreign jurisdictions in the name of foreign direct investment during the same period. The company has booked around Rs 944 crore in advertising and marketing expenses, including the amount remitted to foreign jurisdictions. The company has not made its financial statements since the financial year 2020-21 and has not had its accounts audited, which is a mandatory process. Keep reading…
It has also been shared that several summonses were issued to Byju Raveendran during the investigation initiated by ED. The company has also issued a statement denying reports linking it to violations under the Foreign Exchange Management Act (FEMA). If we talk about Byju’s company then it is an Indian multinational educational technology company. It’s headquarter is located in Banglore and it was founded by Byju Raveendran and Divya Gokulnath in 2011. The exact details are not clear and confirmed. We will update our article after getting more information. Stay linked with dekhnews.com to read more articles.
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