Byju’s receives notice from ED Over Rs 9000 Cr
The post Byju’s receives notice from ED Over Rs 9000 Cr appeared on BitcoinEthereumNews.com. The largest ed-tech company in India, BYJU’S, which has created one of the best and the most widely used school learning apps, was launched in 2015 to offer highly effective and personalized learning programs for schoolgoers as well as competitive exam aspirants. BYJU’S has over 50 million registered students and is currently valued at around $8.4 billion. However, what was once an unstoppable force in the ed-tech market, empowering millions of students with its creative approach and soaring to spectacular heights, is now caught under a forex rule breach. The platform is failing to thrive in the market, grappling with many issues, including corporate governance. The ed-tech firm issued a statement after being slammed with forex violations under the Foreign Exchange Management Act, 1999 (FEMA) rules by the ED (enforcement directorate). In this article, we will delve into the forex rules and alleged violation of breaching forex by BYJU’S and explain the possible consequences that the ed-tech company may face. Forex Rules and Alleged Violation The Enforcement Directorate found alleged BYJU’S forex violations amounting to almost Rs 9000 crore earlier this month. The firm received the notice that the spokesperson at BYJU’S was dismissed. The firm has unequivocally denied the reports, insinuating that the company received no ED notice. The queries involved in the notice were solely technical, such as delays in filing APR (annual performance report), and duly compliant ODI investments of nearly Rs. 1000 crores that came from the delayed audit FY 2022. BYJU’S, however, has filed a much-needed intimation simultaneously for all its FDI received corresponding to the criteria in law and is not affected by the APR non-filing. BYJU’S was advised that the delayed APR filing is a technical problem, and the firm is confident about dealing with the case successfully. On Tuesday, the ED found…
The post Byju’s receives notice from ED Over Rs 9000 Cr appeared on BitcoinEthereumNews.com.
The largest ed-tech company in India, BYJU’S, which has created one of the best and the most widely used school learning apps, was launched in 2015 to offer highly effective and personalized learning programs for schoolgoers as well as competitive exam aspirants. BYJU’S has over 50 million registered students and is currently valued at around $8.4 billion. However, what was once an unstoppable force in the ed-tech market, empowering millions of students with its creative approach and soaring to spectacular heights, is now caught under a forex rule breach. The platform is failing to thrive in the market, grappling with many issues, including corporate governance. The ed-tech firm issued a statement after being slammed with forex violations under the Foreign Exchange Management Act, 1999 (FEMA) rules by the ED (enforcement directorate). In this article, we will delve into the forex rules and alleged violation of breaching forex by BYJU’S and explain the possible consequences that the ed-tech company may face. Forex Rules and Alleged Violation The Enforcement Directorate found alleged BYJU’S forex violations amounting to almost Rs 9000 crore earlier this month. The firm received the notice that the spokesperson at BYJU’S was dismissed. The firm has unequivocally denied the reports, insinuating that the company received no ED notice. The queries involved in the notice were solely technical, such as delays in filing APR (annual performance report), and duly compliant ODI investments of nearly Rs. 1000 crores that came from the delayed audit FY 2022. BYJU’S, however, has filed a much-needed intimation simultaneously for all its FDI received corresponding to the criteria in law and is not affected by the APR non-filing. BYJU’S was advised that the delayed APR filing is a technical problem, and the firm is confident about dealing with the case successfully. On Tuesday, the ED found…
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