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ED notice to Byju's for ₹9.362 cr breaches
November 22, 2023
|Mint Mumbai
The Enforcement Directorate (ED) on Tuesday said it has issued a show-cause notice to edtech giant Byju's and its founder Byju Raveendran for various violations of the Foreign Exchange Management Act (Fema) totalling ₹9,362.35 crore.
Byju's breached Fema's provisions by "failing to submit documents of imports against advance remittances made outside India, by failing to realize proceeds of exports made outside India, by delayed filing of documents against the foreign direct investment (FDI) received into the company, by failing to file documents against the remittances made by the company outside India and by failing to allot shares against the FDI received into the company," the investigation agency said in a statement.
The ED had searched several offices of Byju's and residences of its top executives on 24 and 28 April. At the time, the agency had said that Byju's had received over $3.43 billion (about ₹28,000 crore) in foreign capital between 2011 and 2023, and that it had sent ₹19,754 crore in foreign direct investments abroad.
The amount of capital any entity or individual can send overseas is governed by Fema.
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