Byjus get ED notice for alleged FEMA violation of Rs 9000 crore
By Lokmat English Desk | Published: November 21, 2023 01:56 PM 2023-11-21T13:56:15+5:30 2023-11-21T13:58:53+5:30
The Enforcement Directorate (ED) has issued a show-cause notice to Byju's, alleging Foreign Exchange Management Act (FEMA) violations amounting ...
The Enforcement Directorate (ED) has issued a show-cause notice to Byju's, alleging Foreign Exchange Management Act (FEMA) violations amounting to ₹9,000 crore. According to a CNBC report, the notice extends to Byju Raveendran, founder of Byju's, and Think and Learn Pvt Ltd. The ED's action follows an investigation into potential FEMA contraventions by the prominent edtech company.
The company has received foreign direct investment of approximately Rs 28,000 crore from 2011 to 2023 and remitted about Rs 9,754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment, ED officials said.At that time, ED officials said the company had booked around Rs 944 crore in the name of advertisement and marketing expenses including the amount remitted to foreign jurisdiction.
Meanwhile, Byju's has denied this. The company has said in a statement, "BYJU’S unequivocally denies media reports that insinuate it has received a notice from the Enforcement Department. The company has not received any such communication from the Enforcement Department.”Open in app