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Fema breach: ED flags failure to submit papers, delays by Byju’s
ED) has alleged a slew of violations under the foreign exchange law, including failure to submit crucial documents in time as well as realise export proceeds, by Byju’s parent Think & Learn, apart from holding founder Byju Raveendran responsible.
ET on November 21 reported online thatED confirmed issuing showcase notices for alleged violations of the Foreign Exchange Management Act (Fema) amounting to Rs 9,362 crore by Think & Learn and Raveendran.
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Offering CollegeCourseWebsiteMITMIT Technology Leadership and InnovationVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitIIM KozhikodeIIMK Senior Management ProgrammeVisitThe alleged violations include failing to submit documents regarding imports as well as not realising proceeds of exports.
Other breaches include alleged delayed filing of documents relating to foreign direct investment (FDI) inflows, failing to file documents relating to remittances by the company outside India and not allotting shares against FDI received.
Also read | Byju’s valuation below $3 billion; company facing challenges: Prosus interim CEO
The agency also says that since Raveendran was responsible for the conduct of the business as managing director, he appears to be “guilty” of the alleged Fema violations.
Responding to ET’s queries, Byju’s counsel Zulfiquar Memon of MZM Legal, said, “...The company is in the process of internally reconciling its records and will respond to ED’s claims appropriately. Potential delays, if any, are well-justified and are fully within the permissible extensions outlined by the Fema regulations.”
Fema violations are civil offences and the penalty is monetary in nature.
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