The Enforcement Directorate is turning up the heat on Byju’s founder, Byju Raveendran, just in time for the edtech firm’s Extraordinary General Meeting on February 23, according to a report buzzing around on February 22.
In a dramatic twist, ANI disclosed that the ED has called on the Bureau of Immigration to slap Raveendran with a lookout notice, effectively halting any plans he might have of leaving India.
Meanwhile, in a courtroom showdown worthy of a gripping legal drama, the Karnataka High Court has refused to halt an emergency shareholder meeting orchestrated by select investors of Think and Learn Pvt Ltd, the brains behind Byju’s. These investors are on a mission to oust Raveendran and his family from their positions of power within the edtech empire.
Although Byju’s made a desperate plea to the Karnataka High Court for a stay on the EGM, the court provided only a temporary reprieve. In a move that left everyone on edge, the court ruled that any resolutions passed at the impending EGM cannot be enforced until the next round of legal battles.
In a scathing critique, the court highlighted the company’s failure to comply with the legalities surrounding the EGM, citing Section 100 (3) of the Companies Act 2013. As tensions mount, the court issued a stern interim order, decreeing that “the decisions made by shareholders during the EGM scheduled for February 23, 2024, shall remain in limbo until the next chapter unfolds in this high-stakes saga.”
According to sources, the next court session on the same is set for March 13.
In November 2023, the Enforcement Directorate (ED) officially acknowledged issuing a show cause notice to Think and Learn Private Limited as well as Byju Raveendran concerning a violation of FEMA regulations.
The agency stated on November 21, 2023, that the company and its founder had breached FEMA provisions by neglecting to furnish documentation related to imports, as well as by failing to repatriate proceeds from exports conducted outside India, among other infractions.
