Byju’s founder Ravindran’s troubles increase
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Byju’s Crisis: Byju Raveendran, founder of Indian Startup and Ed-Tech Forum (Byju’s Founder Raveendran) But the clouds of crisis are deepening. According to media reports, the Enforcement Directorate (ED) has filed its Foreign Exchange Management Act (FEMA) case against the firm.FEMA) has issued its lookout circular against Byju Raveendran regarding the investigation. In the circular issued earlier, the concerned authorities were to be informed about any foreign travel of Raveendran. But now they can be stopped from leaving the country. The ED has alleged that Think and Learn Private Limited has violated India’s foreign exchange laws and caused a loss of more than ₹9,362 crore to the exchequer. The investigating agency had issued a statement regarding this in November last year. It was said that during the investigation of the case, Ravindran was asked to clarify the shortcomings and submit relevant documents, in which he failed.
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Got a blow from Karnataka High Court
Earlier, the Karnataka High Court on Wednesday refused to stay the extraordinary general meeting (EGM) called by some investors of Byju. This meeting has been called to vote on the proposal to remove the Chief Executive Officer (CEO) of the information technology company Byju Raveendran and his family members from important posts. Think and Learn Private Limited, which operates Byju’s. had filed an application in the Karnataka High Court requesting a stay on the EGM. But the court has given only interim relief. He said that the resolution passed in the EGM meeting on Friday will not be implemented till the next hearing in the case.
what did the court say
The Karnataka High Court said that the petitioner has stated that the conditions for calling the extraordinary general meeting (EGM) have not been followed and no notice in this regard has been issued under Section 100 (3) of the Companies Act 2013. According to the order, any decision taken in the EGM of the shareholders of the concerned company to be held on February 23, 2024 will not be effective till the next date of hearing.
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