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Byju's says ED notice flags delay in filing annual reports, queries technical in nature

Money Control

Money Control · 1y ago

Byju's says ED notice flags delay in filing annual reports, queries technical in nature

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.

Related News

Byju Raveendran assures investors on FEMA compliance after ED notice

Money Control

Money Control · 1y ago

Byju Raveendran assures investors on FEMA compliance after ED notice

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.

Indian ed-tech giant Byju’s faces total shutdown if insolvency proceeds, says CEO

Livemint

Livemint · 1y ago

Indian ed-tech giant Byju’s faces total shutdown if insolvency proceeds, says CEO

Insolvency proceedings against Byju's, India's leading ed-tech startup, may result in a complete shutdown of its services and force mass employee resignations, according to a court filing. Byju's, once valued at $22 billion, has faced a series of challenges including job cuts, a drop in valuation, and disputes with investors over corporate governance issues. The current crisis follows a complaint from the Indian cricket board over an unpaid sponsorship fee, triggering insolvency proceedings and freezing Byju's assets. The court will review the case on Monday, and Byju's CEO, Byju Raveendran, has expressed willingness to settle the outstanding dues.

BlackRock slashes India's Byju's valuation by 95% to $1 bln

Reuters · 1y ago

BlackRock slashes India's Byju's valuation by 95% to $1 bln

BlackRock has reportedly reduced the value of its stake in Indian edtech startup Byju's to $1 billion from the previous $22 billion valuation. This marks another significant reduction in Byju's implied valuation by BlackRock, which owns less than 1% of the company. Earlier, Tech investor Prosus NV valued Byju's at under $3 billion. Byju's is currently facing challenges, including a notice from the Enforcement Directorate (ED) regarding alleged violations of foreign exchange laws.

Not received new notice, query from ED: Paytm denies reports of facing probe in crypto scam

Economic Times

Economic Times · 7m ago

Not received new notice, query from ED: Paytm denies reports of facing probe in crypto scam

Paytm has denied receiving a new notice or query from the Enforcement Directorate (ED) following reports of its involvement in a cryptocurrency scam probe. The company labeled the media reports as "factually incorrect and misleading." The investigation reportedly involves other entities, not Paytm or its subsidiaries. Paytm emphasized its cooperation with authorities in previous related inquiries and urged stakeholders not to rely on unverified reports, ensuring compliance with disclosure requirements for any future developments.

Enforcement Directorate says Paytm violated foreign exchange rules

VCCircle

VCCircle · 5m ago

Enforcement Directorate says Paytm violated foreign exchange rules

The Enforcement Directorate (ED) claims that Paytm and its units violated the Foreign Exchange Management Act by $70 million. Paytm allegedly didn't report foreign investments in Singapore to the Reserve Bank of India (RBI) and received foreign direct investment without adhering to RBI guidelines. Units like Little Internet and Nearbuy India also reportedly violated these guidelines. Paytm is addressing the issue, asserting it doesn't affect their services. The ED notice arrives amid Paytm's pending payment aggregation license approval.

I was available 24x7, HR told me to resign immediately: BYJU'S ex-employee

Inshorts · 2y ago

I was available 24x7, HR told me to resign immediately: BYJU'S ex-employee

After being laid off by BYJU'S, a former employee took to LinkedIn to express their confusion, stating, "I am uncertain where I went wrong...I never adhered to the 10-8 work culture." Despite being available for work around the clock, the individual claimed that the company's HR instructed them to resign without delay. Reports indicate that BYJU'S has initiated layoffs across various departments.

BYJU'S auditor BDO resigns, CEO says 'They had illegal requests': Report

Inshorts · 11m ago

BYJU'S auditor BDO resigns, CEO says 'They had illegal requests': Report

BDO resigned as BYJU'S auditor citing delay in forensic audit over a year after previous auditor Deloitte resigned, Moneycontrol reported. "It seems the true reason for BDO's resignation is [our] refusal to entertain your request to back-date documents and filings, which are illegal," BYJU'S CEO Byju Raveendran told BDO. "We've reason to believe that BYJU'S lacks transparency," BDO replied.

Byju's US unit files for bankruptcy in Delaware

Economic Times

Economic Times · 1y ago

Byju's US unit files for bankruptcy in Delaware

Byju's Alpha, the U.S. unit of Indian ed-tech startup Byju's, has filed for Chapter 11 bankruptcy in the U.S. court of Delaware. The filing shows liabilities in the range of $1 billion to $10 billion, with assets listed as $500 million to $1 billion. Byju's was previously valued at $22 billion but has faced challenges recently, with lenders initiating bankruptcy proceedings. The company plans to raise $200 million through a rights issue to address immediate liabilities. It has also been under scrutiny from Indian authorities for alleged foreign exchange law violations.

Byju’s says it will file much-delayed financial results this week

Economic Times

Economic Times · 1y ago

Byju’s says it will file much-delayed financial results this week

Byju's, the troubled edtech startup, has announced that it will finally report its financial results for the year through March 2022 after a prolonged delay. The company recently completed an audit of all its units, which will be incorporated into its consolidated results. Shareholders have been growing impatient with the delay, leading to scrutiny from regulators and the resignation of the company's auditor. Byju's is also currently locked in a conflict with creditors over a missed interest payment on a term loan, and is reportedly looking to sell off assets to generate cash.

ED find Rs. 9000 crore violation by Byju's

Economic Times

Economic Times · 1y ago

ED find Rs. 9000 crore violation by Byju's

The Enforcement Directorate has allegedly found that edtech major Byju's violated the Foreign Exchange Management Act (FEMA) and committed violations amounting to Rs 9,000 crore. Byju's has not yet received any notice from the Enforcement Directorate, but the agency is expected to issue a statement soon. Byju's denies media reports and claims to have no communication from the Enforcement Department. The edtech firm has been under scrutiny by multiple agencies, including the Ministry of Corporate Affairs and the Directorate General of GST Intelligence.

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