In a new spin to the controversy, the Enforcement Directorate (ED) has issued a look out against Ed-tech platform Byjus’ founder Byju Raveendran.
The ED’s lookout notice against Byju Raveendran comes ahead of a crucial Extraordinary General Meeting (EGM) which is to be held with shareholders soon.
According to sources, allegations include foreign exchange violations.
Here are the other times when Byjus has been in the news for controversial reasons.
Meanwhile, a group of investors called for a meeting on Friday to discuss the ouster of Byju Raveendran and his family members from the company over allegations of mismanagement.
Mass Layoffs: In June 2023, Raveendran also announced that 1,000 employees were being laid off. This stirred criticism from a lot of fronts who questioned their ability to sponsor cricketing events.
ED Raid: In April 2023, the ED conducted raids in three office spaces of Byjus in Bengaluru. These were over allegations of violation of the Foreign Exchange Management Act.
US Court Case: This controversy involved a case where over $1.2 billion was lent to Byjus as a loan. Lenders accused Byjus of being unable to repay the debts on time.
Lawsuit in US: Byju’s Alpha Inc, a technology company in the US was put into bankruptcy by a US Court. Lenders had accused the Byjus had concealed $500 from them.
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