According to recent reports, Byju Raveendran the Directorate of Enforcement (ED) reached out to the Bureau of Immigration (BOI) this month, seeking to ensure that Byju Raveendran, the founder and CEO of Byju’s, does not leave the country. The ED requested a lookout circular (LOC) against Raveendran, citing an ongoing investigation into alleged violations of the Foreign Exchange Management Act (FEMA).
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An LOC, titled “On Intimation,” was reportedly initiated over 1.5 years ago at the ED’s request and has already been issued against Raveendran. Last November, the ED issued show-cause notices to Raveendran and his company, Think & Learn Pvt Ltd, alleging a FEMA violation amounting to Rs 9,362.35 crore. The ED claims that Byju’s made significant foreign investments and remittances outside India, violating FEMA terms and causing revenue loss for the Indian government.
The term “lookout circular” refers to a directive for immigration officials to inform a detective agency when a person travels abroad. Byju Raveendran However, in this case, reports suggest that Raveendran’s ability to leave the country remains unaffected.
The ED’s Bengaluru office, overseeing the FEMA investigation, insists on the issuance of an LOC against Raveendran to prevent him from leaving the country. The decision to revise the LOC was reportedly influenced by this consideration.
Over the past three years, Raveendran has frequently traveled between Delhi and Dubai, with recent reports placing him in Delhi for work and Bengaluru in the preceding week. A senior government official assured the media that once the LOC is activated, it will safeguard investors’ interests and expedite the resolution of the case.
In a separate development, Byju Raveendran received legal relief when a Karnataka court ruled that resolutions made during a shareholder Emergency General Meeting (EGM) would be deemed invalid.
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This decision ensures Byju Raveendran continued position as CEO, as the court rejected attempts by investors to remove him from the board of trustees. The court stated that resolutions passed at the next shareholders meeting would be considered void, and investors are barred from casting votes to remove Raveendran and Divya Gokulnath from the company’s board of directors.