According to the reports, the Directorate of Enforcement contacted the Bureau of Immigration earlier this month to make sure Byju Raveendran, the founder and CEO of Byju’s, did not leave the country. As a result, ED requested that BOI issue a lookout circular (LOC) against Byju Raveendran. According to the reports, a lookout circular titled “On Intimation” was opened more than 1.5 years ago at the ED’s request and has already been issued against Byju Raveendran. In November of last year, the agency served show-cause notices to Byju Raveendra and his parent company, Think & Learn Pvt Ltd, for an alleged FEMA violation totaling Rs 9,362.35 crore.
The organization was also claimed to have made sizable foreign investment and remittances outside of India, which were purportedly against the terms of the FEMA, 1999, and resulted in lost revenue for the Indian government, according to a statement released by the ED.
What does the term “look out circular” mean?
The on-intimation lookout circular requires immigration officials to notify a detective agency about a person traveling abroad. However, in this instance, the individual’s ability to exit the nation is unhindered.
An LOC must be given against Byju Raveendran in order to prevent him from leaving the country, according to ED’s Bengaluru office, which is investigating possible violations of the Foreign Exchange Management Act (FEMA), it was reported. It further stated that the desire was taken into consideration when deciding on a revised LOC.
For the previous three years, Byju Raveendran is said to have traveled back and forth between Delhi and Dubai. The reports stated that he was in Delhi this past week on a work trip and that he was in Bengaluru before this week. A senior government official assured the media that once the LOC is opened, it will guarantee that investors’ interests are protected and that the case is easily brought to a logical conclusion.
Byju’s CEO, Byju Raveendran, is safe from termination after a Karnataka court decided that any resolution made during a shareholder EGM will be deemed invalid. Byju Raveendran, the founder and CEO of the Edtech company Byju, received significant relief throughout a Karnataka high court hearing when the bench declined to postpone the investor’s emergency meeting. All resolutions passed at the next shareholders meeting, according to the bench, will be declared void. Byju’s stated on Wednesday that the investor’s calls made during the emergency conference call (EGM) would not be regarded as legitimate until the court has finished the emergency conference call and would not be regarded as legitimate until the court has finished considering their petition. Byju Raveendran will remain in his position as CEO as a result of the investors’ attempt to have the company founder removed from the board of trustees being deemed invalid. Additionally, investors are no longer able to cast votes to remove Raveendran and Divya Gokulnath from the company’s board of directors.
