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Byju Raveendran, founder of education technology company Byju’s.
Education technology company Byju’s on Tuesday rejected reports of a Rs 9,000 crore notice. Some media reports had claimed that the Enforcement Directorate (ED) has issued this notice in case of Foreign Exchange Management Act (FEMA) violation. FEMA was created in 1999 to control the flow of foreign currency.
In April this year, ED had raided three offices of Byjus in Bengaluru. Documents and digital data were seized during the search. According to the investigating agency, the company has received foreign direct investment (FDI) worth Rs 28,000 crore between 2011 and 2023. Apart from this, the company also sent money to different countries in the name of FDI.
Orders for investigation of account books of Byjus
Recently the Central Government had ordered an investigation into the account books of BYJU’S. Based on what comes out of this, the government will decide whether the case needs to be taken to the Serious Fraud Investigation Office or not.
The auditor had resigned after coming under investigation
After coming under regulatory scrutiny, Deloitte, one of the world’s largest audit companies, had resigned as the legal auditor of Byju’s. Deloitte had said that the company’s financial statements for the financial year ending March 31, 2022 are long pending.
Apart from this, due to no communication regarding the financial year 2020-21, the audit has not started yet. Byju’s had appointed BDO (MSKA & Associates) as the company’s legal auditor in place of Deloitte.
Byju’s faces loss of ₹2,250 crore in FY 2022
Byju’s has suffered a loss of Rs 2,250 crore in the financial year ending March 31, 2022. Whereas a year ago the company had suffered a loss of Rs 2406 crore. However, the company’s income increased from ₹1,552 crore to ₹3,569 crore.
Byju’s had given information about this on Saturday 4 November. The company is under regulatory scrutiny for various reasons including delay in releasing financial results.
Byju Raveendran said – Financial year 2022 taught us a lot
Founder and CEO Byju Raveendran had said after the release of the results of FY 2022, ‘This year full of ups and downs has taught us a lot. This year we have made 9 acquisitions, which highlight the potential of education technology in India.
A lot has changed in the world after the Corona epidemic, it has taught us a lot. Byju’s will move forward with sustainable and profitable growth in the coming years.
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