ED raids 3 premises of BYJU's CEO Ravindra, case of FEMA violation

-

image : Wikipedia


The ED (Enforcement Directorate) conducted raids and seizures at three places in Bangalore in the case of Ravindran Baiju and his company 'Think and Learn Private Limited' under the provisions of the Foreign Exchange Management Act (FEMA). Two offices and one house were raided.

The company runs a popular online education portal called Byjus

The company runs a popular online education portal called Byjus. Several incriminating documents and digital data were seized during the investigation. The ED said the company has not prepared details of its financial transactions from the financial year 2020-21. which is mandatory.

The company received 28 thousand crores from abroad during 2011 to 2023

The raid also revealed that the company had received foreign direct investment of around Rs 28,000 crore during the period 2011 to 2023. Apart from this, the company has invested Rs. 9754 crore abroad. were sent About Rs 944 crore in the name of advertising and marketing expenditure of right sector companies during this period in the name of foreign direct investment. booked which includes the amount remitted to the foreign jurisdiction.

Money transactions are being investigated through banks

The ED said that the authenticity of the figures provided by the company is being checked by the banks. The investigation against Byjus was conducted on the basis of complaints received by various private individuals. Several summons were issued to founder, CEO Ravindran Baiju during the investigation by ED. However, he was always evasive and never appeared during the investigation. After that, the ED conducted raids on three of his premises.

Comments

Post a Comment

Popular posts from this blog

Due to the ban, employment and economic activity declined by two to three percent

-
Image
New delhi date. October 7, 2019, Monday A new study has found that employment and economic activity have declined by two to three percent due to the ban. A similar situation has been observed in bank lending. The study found the decline to occur within two months of the notation announced on November 7. This is the first research on demineralization in which data on the effects of districts across India were collected. In addition to the districts, the effect of national level was also studied. Previous studies only examined the national level effect of demonitization. Thus, a full estimate of the overall effect is not known. As a result of the shortage of cash arising out of the blockade, the country's economic activity fell by approximately 8 percent in November-December 2 In the October-December period, bank credit has seen an impact of around two per cent. Cash pulls have impacted demand for a short period. The study found that there was a strong link between money and pro
Read more

Information about soymilk and casein products

-
Image
- Industrial guidance - Dhiru Parekh Soymilk: Soybeans are converted to high-quality protein. So that high quality drinks can be made which can be easily digested. There is no difference between soymilk and cow's milk. So the conservative industries of milk processing are now using this milk to make yogurt and ice cream. Consumers also cannot tell the difference between ice cream made from cow's milk and from soy milk. Also, the production capacity of soy milk can be increased than that of cow's milk. And the price can be cheaper. Soybeans mainly contain two types of enzymes that are inactivated in the soymilk process. Leukoxidase that catalyzes the oxidation of fatty acids. And enzymes like pepsin, trypepsin are included in it. Which helps in digesting protein. Soyamilk powder manufacturing process: This is an electric pre-heater system. which basically allows fluid to flow easily in a stationless tube under low-voltages. which absorbs the energy flowing through the Ja
Read more

The brokerage firm objected to SEBI's new proposal regarding Algo Trading

-
Image
MUMBAI: Brokerage firms and fintech companies have objected to market regulator SEBI's discussion paper considering all stock trading orders issued through Application Programming Interface (API) as separate trading, saying it could adversely affect the growth of such trading from India. Algo trading is considered to be an automatic buying-selling system based on algorithms. SEBI has recently said in a discussion paper that it would create a framework for regulating Algo trading by retail investors. A senior official of a brokerage firm said that monitoring of Algo trading is a need of the hour, but such an attempt could hamper the growth of Sebi Algo trading. He added that if the suggestions made in the SEBI discussion paper were implemented, it would be difficult for brokers to make the API available. About 70% of the daily trading volume in Indian stock markets is transacted through advanced forms of algo trading. Algo Trading came to India in the year 2006, but then only se
Read more