Tag: BYJUs

No FEMA violations found so far after ED searches at BYJU’S

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New Delhi: The initial investigation after the recent searches at BYJU’S have so far found no Foreign Exchange Management Act (FEMA) violations by the edtech firm, according to sources.
Sources indicated that the recent searches conducted on the premises of BYJU’S in Bengaluru by Enforcement Directorate (ED) and the material collected has yet to establish any FEMA violations.
The investigations are still at an early stage and according to sources, BYJU’S had cooperated and provided ED with all the necessary documents.

When contacted, a top ED official told IANS that the BYJU’S investigation is ongoing and “we cannot comment on the ongoing investigation”.
The ED had earlier carried out searches at three premises linked to BYJU’S in Bengaluru, in connection with alleged foreign exchange violations.
ED in a tweet had said that they collected various incriminating documents and digital data during its searches.
FEMA searches also revealed that the company has received foreign direct investment to the tune of Rs 28,000 crore (approximately) during the period from 2011 to 2023.
Further, the company has also remitted about Rs 9,754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment.

A BYJU’S spokesperson had said that the ED visit “was related to a routine inquiry under FEMA and there has been no violations under FEMA by BYJU’S.
“We have been completely transparent with the authorities and have provided them with all the information they have requested. We have nothing but the utmost confidence in the integrity of our operations, and we are committed to upholding the highest standards of compliance and ethics,” the company spokesperson had said.
The edtech firm said that it will continue to work closely with the authorities to ensure that they have all the information they need.
“We are confident that this matter will be resolved in a timely and satisfactory manner. We want to emphasise that it is business as usual at BYJU’S,” said the company.
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#FEMA #violations #searches #BYJUS
( With inputs from www.siasat.com )

May 7, 2023
ED raids BYJU’s; claims it remitted Rs 9754 cr to foreign jurisdictions

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New Delhi: The Enforcement Directorate (ED) has conducted search and seizure operations at three premises of Raveendaran Byju and his company ‘Think & Learn Private Limited’ in Bengaluru under the provisions of Foreign Exchange Management Act (FEMA), an official said on Saturday.
The company runs a popular online education portal by the name of BYJU’s. During the searches, various incriminating documents and digital data were seized.
“FEMA searches also revealed that the company has received foreign direct investment to the tune of Rs 28,000 crore between 2011 and 2023. Further, the company has also remitted Rs 9754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment,” said the official.

According to the ED, the company has booked around Rs 944 crore in the name of advertisement and marketing expenses, including the amount remitted to foreign jurisdiction. It alleged that the company has not prepared its financial statements since financial year 2020-21 and has not got the accounts audited which is mandatory.
“Hence, the genuineness of the figures provided by the company are being cross examined from the banks. Investigation against the platform was initiated on the basis of various complaints received from various private persons. During an investigation conducted by the probe agency, several summons were issued to the founder and CEO Raveendaran Byju. However, he always remained evasive and never appeared during the investigation,” said the official.
Meanwhile, BYJU’S legal team spokesperson said that the recent visit by officials from the Enforcement Directorate (ED) to one of their offices in Bangalore was related to a routine inquiry under FEMA.
“We have been completely transparent with the authorities and have provided them with all the information they have requested. We have nothing but the utmost confidence in the integrity of our operations, and we are committed to upholding the highest standards of compliance and ethics. We will continue to work closely with the authorities to ensure that they have all the information they need, and we are confident that this matter will be resolved in a timely and satisfactory manner,” he said.
Underlining that it is business as usual, the spokesperson said, “We are committed to delivering high-quality educational products and services to our customers across India and the world.”

Further investigation in the matter is on.
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#raids #BYJUs #claims #remitted #foreign #jurisdictions
( With inputs from www.siasat.com )

April 29, 2023
Shah Rukh Khan, Byju’s staffer ordered to pay compensation, return fees

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Indore: The District Consumer Disputes Redressal Commission in Indore in Madhya Pradesh has issued an order against a staffer of ed-tech firm Byju’s and film superstar Shah Rukh Khan for alleged “fraudulent behaviour” and “unfair trade practice” on the complaint of a woman who enrolled for coaching to become an Indian Administrative Service (IAS) officer.
In its order passed on Wednesday, the commission said Rs 1.08 lakh in fees deposited by complainant Priyanka Dixit at the time of admission in 2021 must be returned along with 12 per cent annual interest, while Rs 5,000 must be given to her as litigation cost and Rs 50,000 as compensation for financial and mental agony.
The commission said the local manager of Byju’s and actor Khan must pay the amount “jointly or severally” to Dixit. The term ‘jointly and severally’ refers to a partnership in which each party involved is equally liable with respect to liability.

“Since the respondents (Byju’s manager and actor Shah Rukh Khan) remained absent even after notices were served in the case and no reply was submitted on their behalf, unilateral action was taken against them,” the commission said in the order.
“The woman complainant was encouraged to take admission in Byju’s coaching (course) by placing false and misleading online advertisements on behalf of the opposition parties. No coaching facility was provided after receiving the fee and despite assurance of refund of the amount, the fee was not refunded, which in itself is fraudulent behaviour and shows unfair trade practice,” the commission’s order said.
Dixit had named Shah Rukh Khan as one of the respondents after claiming she had enrolled for the firm’s coaching course in order to prepare for the Union Public Service Commission’s civic exams after being influenced by its advertisement issued on January 13, 2021.
In her complaint, Dixit alleged the firm had assured her of coaching by good teachers and that her classes would start from January 14, 2021, which did not happen.
She said in her complaint she had asked the firm to refund her fees and cancel her admission on January 27, 2021.

Despite repeated requests, the firm did not refund her fees, Dixit’s complaint alleged.
As per provisions of the Consumer Protection Act, a person can file a complaint against a company for errors in services as well as against those advertising it, Dixit’s lawyer Suresh Kanga told PTI.
“We filed a complaint against Byju’s and Khan under these provisions as Khan featured in the advertisement of the company, which prompted my client to take admission in the said coach course,” Kanga said.
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#Shah #Rukh #Khan #Byjus #staffer #ordered #pay #compensation #return #fees
( With inputs from www.siasat.com )

April 28, 2023
BYJU’s slashes around 15% roles, mostly in engineering, as phased layoffs on

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New Delhi: Edtech major BYJU has laid off a further 15 percent of its employees from its engineering teams, as the company continues phased layoffs to remain growth-oriented in a global economic meltdown.
According to sources, the company in a fresh round of layoffs has asked more than 1,000 workers (or 15 percent) to go, mostly from its engineering teams.
When reached, the company immediately declined to comment.
BYJU last year decided to lay off as many as 2,500 employees or 5 percent of its workforce in order to achieve profitability by March 2023.
In India, more than 21,000 employees have been laid off by more than 70 startups to day, including from unicorns like BYJU’S, Ola, MPL, Innovaccer, Unacademy, Vedantu, Cars24, OYO, Meesho, Udaan and many more.
The tech sector has laid off the most employees, with 16 edtech startups laying off more than 8,000 employees to date.
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#BYJUs #slashes #roles #engineering #phased #layoffs

( With inputs from www.siasat.com )

February 2, 2023