Sunday, December 10, 2023

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

NEW DELHI: The Enforcement Directorate (ED) on Tuesday issued show-cause discover to Byju’s for allegedly violating international trade guidelines amounting to Rs 9000 crore.
The corporate is charged underneath the Overseas Change Administration Act (Fema).
Denying the allegations, the corporate stated, “Byju’s unequivocally denies media stories that insinuate it has acquired a discover from the Enforcement Directorate.The corporate has not acquired any such communication from the Enforcement Directorate”.

The discover was served to Byju Raveendran, Byju’s founder and its father or mother agency Suppose & Study Pvt Ltd.
The claims come after a spate of setbacks for the corporate, together with a drop in its valuation from traders and the resignation of its auditor and board members.
With company inputs

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