INSUBCONTINENT EXCLUSIVE:
CEO Byju Raveendran over alleged violation of the provisions of the Foreign Exchange Management Act (Fema) amounting to over Rs 9,362
company) and its promoter of making significant foreign remittances and investments abroad that were allegedly in violation of the
Ltd and Byju Raveendran have contravened the provisions of Fema by failing to submit documents of imports against advance remittances made
filing of documents against the foreign direct investment (FDI) received into the company
Failing to file documents against the remittances made by the company outside India and not allotting shares against FDI received into the
company have been cited as violations of the Fema provision.In April, the ED had conducted searches and seizure at three premises in
It had then said that the startup received FDI to the tune of Rs 28,000 crore through 2011-23 and had remitted nearly Rs 9,754 crore during
this period to various foreign jurisdictions in the name of overseas direct investment
The company, it had said, booked Rs 944 crore in the name of advertisement and marketing expenses, including the amount remitted to foreign
compliant with Fema regulations and that the firm continues to operate in full adherence to regulatory framework.In his attempt to assuage
the concerns of shareholders, Raveendran cited instances from a due diligence process conducted by a law firm that found no Fema violations
