The Enforcement Directorate has issued a look out notice against Byju Raveendran ahead of an high-voltage EGM tomorrow, news agency ANI reported quoting sources.
The Byju's founder had already been issued an LOC 'on intimation'. On Wednesday, the Karnataka High Court, in response to a petition filed by Think & Learn Pvt Ltd (the parent company of Byju’s), passed an order stating that any resolutions proposed to be passed in the February 23 EGM, where investors want him out,“as invalid until the final hearing and disposition of this petition”.
The court has allowed the EGM to go ahead as scheduled.
In November 2023, the Adjudicating Authority under FEMA has issued Show Cause Notices to M/s Think & Learn Private Limited and Byju Raveendran on the basis of the complaint filed by the Directorate of Enforcement (ED) under sub–section (3) of section 16 of FEMA, 1999 with respect to the contraventions of the provisions of FEMA, 1999 to the tune of Rs. 9362.35 crore.
ED had initiated investigation on the basis of various complaints regarding the foreign investment received by the company viz. M/s Think and Learn Private Limited and the business conduct of the company. The company was also stated to have made significant foreign remittances outside India and investments abroad which were allegedly in contravention of provisions of FEMA, 1999 and caused loss of revenue to the Government of India.