Categories: Business

ED Seeks a Lookout Notice for Byju’s Founder, Byju Raveendran

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.

 

Swastika Sruti

Recent Posts

Tragic Accident: Drunk Truck Driver Crushes 9 People Sleeping On Footpath, 3 Killed On The Spot, Driver Arrested

The accident involved 12 people who were resting near the footpath, with some sleeping in…

5 mins ago

Real-Time Air Pollution: What Is Delhi’s AQI After Light Rain As Temperature Drops To 9 Degrees Celsius

Parts of Delhi-NCR experienced light rainfall on Monday morning, but the Air Quality Index (AQI)…

32 mins ago

Bharat Progress Report 2024: D. Gukesh Becomes Youngest-Ever World Chess Champion

India's Gukesh Dommaraju has made history by becoming the youngest World Chess Champion at 18,…

1 hour ago

Delhi-NCR Weather Alert: Heavy Rain And Chilly Cold Expected This Week

Delhi NCR is in for heavy rain and bone-chilling cold this week, with a yellow…

2 hours ago

Who Is Gabriel Enrique Angarita Carrasquero? Texas Border Riot Mastermind Arrested After Seven-Month Manhunt

Gabriel Enrique Angarita Carrasquero, one of Venezuela's migrants, was finally captured after an almost seven-month…

2 hours ago

Why Trump Wants To Rename Denali To Mount McKinley In Alaska?

President-elect Donald Trump intends to rename Denali, Alaska's tallest mountain, to Mount McKinley. He hailed…

2 hours ago