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ED 'asks' Byju's to pay Rs 9,000 crore for 'flouting' foreign funding laws
The Daily Guardian
|November 22, 2023
The Enforcement Directorate (ED) has issued a notice to ed-tech major Byju’s, asking it to pay Rs 9,000 crore for allegedly violating foreign funding laws, sources have said.
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The company has, however, denied receiving any such communication from the authorities.
According to sources in the ED, Byju’s received foreign direct investment (FDI) of around Rs 28,000 crore between 2011 and 2023. The ed-tech major, the sources said, remitted around 9,754 crore to foreign jurisdictions during the same period in the name of overseas direct investment.
The ed-tech major has posted on its official X handle that it has not received any such communication. “Byju’s unequivocally denies media reports that insinuates Byju’s of any FEMA violation. The company has not received any such communication from authorities,” the statement said. The ED’s notice is the latest development in the unravelling of what was India’s most valued start-up at one time.
This story is from the November 22, 2023 edition of The Daily Guardian.
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