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News on Medial
Byju Raveendran assures investors on FEMA compliance after ED notice
Money Control
·
1y ago
Medial
Byju Raveendran, founder and CEO of Byju's, has assured shareholders that the edtech firm is fully compliant with FEMA regulations. This comes after reports claimed that India's Enforcement Directorate issued a show-cause notice to the company for alleged violations of the act. Byju's denies receiving any such notice and states that a recent comprehensive due diligence exercise found no FEMA violations. The company has maintained a cooperative stance with the ED throughout their inquiries.
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Byju's says ED notice flags delay in filing annual reports, queries technical in nature
Money Control
·
1y ago
Medial
Edtech company Byju's has stated that the notice from the Enforcement Directorate (ED) is related to technical issues, such as the late filing of annual reports, and not financial wrongdoing or foreign exchange violations. Byju's expects any fines to be nominal and emphasized that no case has been made for violating FDI rules. The ED had earlier accused the company and its founder, Byju Raveendran, of contravening FEMA provisions and had filed a complaint amounting to Rs 9,362.35 crore. Byju's has confirmed receiving the ED notice after initial denial.
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'Do not leave India': ED seeks lookout notice against Byju's CEO
Inshorts
·
1y ago
Medial
The Enforcement Directorate (ED) has reportedly requested the Bureau of Immigration to issue a lookout circular (LOC) against Byju's CEO, Byju Raveendran, to prevent him from leaving India. The request comes as the ED investigates alleged violations of FEMA involving the startup and its founder. Notably, Raveendran has frequently traveled between Delhi and Dubai over the past three years.
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BYJU's CEO broke down on calls with investors after ED raids: Report
BQ Prime
·
2y ago
Medial
According to Bloomberg, Byju Raveendran, the CEO of edtech startup BYJU's, became emotional and teary while defending his company during calls with major investors after the Enforcement Directorate conducted a raid at their Bengaluru premises in late April. The incident reportedly took place while Raveendran was in Dubai, where he was seen restlessly walking in his apartment and consuming black coffee. The raid on BYJU's was carried out under the FEMA Act.
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Byju's investors demand EGM to remove founder and family members - StartupNews.fyi
Startup News FYI
·
1y ago
Medial
Investors holding over 30% stake in Byju's are calling for an extraordinary general meeting (EGM) to remove founder and CEO Byju Raveendran and his family members due to alleged mismanagement. The reasons listed in the EGM notice include financial mismanagement, failure to enforce legal rights, and compliance issues. Additionally, there are concerns about unresolved term loans and delayed audits. The investor group is seeking the appointment of an interim CEO and reconfiguration of the board after the removal of the current management.
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Byju's investors call for EGM on Friday to oust founder, his family members
Economic Times
·
1y ago
Medial
Key investors of Byju's, the Indian edtech giant, are calling for the removal of founder and CEO Byju Raveendran and his family members claiming mismanagement and failures. The investors, who collectively hold over 30% stake in the company, have called for an extraordinary general meeting (EGM) seeking the ouster of the current board. The reasons listed in the EGM notice include financial mismanagement, erosion of value, and concealment of material information. Earlier this month, several investors issued a joint statement seeking a change in leadership. The EGM resolutions include governance and compliance issues, a revamped board, and a new leadership.
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Dubai homebuyers face legal troubles: ED summons and tax compliance issues
Economic Times
·
1m ago
Medial
Some Dubai homebuyers face legal troubles as the Enforcement Directorate (ED) questions their property acquisitions lacking bank fund transfer records. Triggered by data from the Income Tax department, the ED is investigating violations under FEMA and PMLA. These include payments via cryptocurrencies and credit cards breaching FEMA Regulations. The scrutiny extends to assets considered “proceeds of crime.” Those bypassing legal remittance channels using hawala face prosecution, impacting compliance with Black Money laws.
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ED Initiates Investigation Against Paytm Payments Bank: Report
OutlookIndia
·
1y ago
Medial
The Enforcement Directorate (ED) has started an inquiry against Paytm Payments Bank (PPBL) for alleged violation of the Foreign Exchange Management Act (FEMA). The ED sought additional information from the Reserve Bank of India after the central bank informed them of the possible violation. Earlier, Paytm denied any investigation involving its founder or the company, stating that it operates in compliance with regulatory guidance. RBI Governor, Shaktikanta Das, ruled out the possibility of reviewing RBI's order to stop PPBL's operations.
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Byju's Investors To Vote On Board Ouster In Friday Meeting: Report
OutlookIndia
·
1y ago
Medial
Investors in edtech company Byju's are seeking to remove its founder, Byju Raveendran, and his family members from the board. These investors hold a 25% stake in the firm and are expected to pass a resolution in favor of their demand. Raveendran is the largest shareholder with a 26% stake. The company has faced concerns regarding governance, financial management, and compliance issues. Major shareholders, including General Atlantic and Prosus Ventures, have written a letter urging a board change.
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Byju's shareholders to vote on resolution to ouster CEO, family on Friday
Economic Times
·
1y ago
Medial
Shareholders of Indian edtech startup Byju's are voting on a resolution to remove founder and CEO Byju Raveendran and his family from the company. The vote outcome will be decided on March 13, pending a court hearing challenging the move. The EGM notice cites allegations of mismanagement, failures, financial mismanagement, erosion of value, and concealment of information. Byju's has faced setbacks recently, including financial strain after the pandemic, an auditor's resignation, bankruptcy proceedings, and a US lawsuit. Raveendran has expressed a commitment to transparency and board restructuring to address investor concerns.
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ED seeks look out circular against Byju Raveendran
Economic Times
·
1y ago
Medial
The Enforcement Directorate has requested the Bureau of Immigration to issue a Look Out Circular against Byju Raveendran, the CEO of Byju's. The central agency wants to ensure that Raveendran does not leave the country while they investigate alleged violations of the Foreign Exchange Management Act. An LOC 'on intimation' has already been issued against Raveendran, but the ED now wants a revised LOC to prevent him from leaving the country once he returns. The investigation is based on complaints about foreign investments received by Byju's and its business conduct.
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