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.
Read More: With IT companies calling employees back to office, demand for Bengaluru office space to go up
The Enforcement Directorate (ED) has issued a show-cause notice to Byju’s, alleging Foreign Exchange Management Act (FEMA) violations amounting to Rs 9,000 crore, sources told CNBC-TV18.
Read More: ‘Technical issue has been resolved,’ says Swiggy hours after glitch in its payment gateway
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.
Read More: What is Google Gemini? CEO Sundar Pichai says ‘excited’ about the innovation
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.”
