Forex Violations: ED issues notice to Byju’s for forex violations of Rs 9000 crore

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NEW DELHI: The Enforcement Directorate (ED) on Tuesday issued show-cause notice to Byju’s for allegedly violating foreign exchange rules amounting to Rs 9000 crore.
The company is charged under the Foreign Exchange Management Act (Fema).
Denying the allegations, the company said, “Byju’s unequivocally denies media reports that insinuate it has received a notice from the Enforcement Directorate.The company has not received any such communication from the Enforcement Directorate”.

The notice was served to Byju Raveendran, Byju’s founder and its parent firm Think & Learn Pvt Ltd.
The claims come after a spate of setbacks for the company, including a drop in its valuation from investors and the resignation of its auditor and board members.
With agency inputs

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