Edtech giant Byju’s has reportedly been hit with a show cause notice from Indian law enforcement under the Foreign Exchange Management Act.
What Happened: the beleaguered startup has allegedly been slapped with a show cause notice from India’s enforcement directorate (ED) under the act, which regulates foreign exchange transactions in the country, CNBC-TV18 reported, citing sources.
The enforcement body reportedly alleges that Byju’s has made violations worth ₹9,000 crore.
Co-founder Byju Raveendran and parent entity Think & Learn Pvt Ltd were allegedly named in the show cause notice.
Once a shining star in India’s startup ecosystem, Byju’s has fallen on troubled times, having been sued by lenders for allegedly hiding $500 million (₹4,200 crore) earlier this year, cutting 1,400 employees and even letting go of major endorsement deals.
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The edtech major has also repeatedly delayed the full and final settlements of laid-off employees, Moneycontrol reported.
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