Mumbai: There are indications that Byju Ravindran, the founder and CEO of Byju’s, has moved to Dubai. Baiju is reported to have left the country even before the lookout notice was issued. ED asks Bureau of Emigration to issue lookout notice Was suggesting. There is already a lookout circular against Baiju Ravindran.
In November last year, the ED had sent a show-cause notice to Byju’s parent company Think and Learn Pvt Ltd and Byju Ravindran, alleging violation of Rs 9,362.35 crore under FEMA. This was based on complaints received by Byju about foreign investments and the company’s business practices.
Byju Ravindran will not attend today’s Extraordinary General Meeting. The EGM will be held online today. Today’s meeting has been called by investors who own a 30% stake in Byju’s parent company, including the Chan Zuckerberg Initiative. One agenda of the meeting is to remove Byju from the position of Group CEO by vote. Brother Riju Ravindran and wife Divya Gokul Nath will also be removed from their positions.
The company will find an interim CEO until a new one is appointed. The new board of directors will be appointed within thirty days of the EGM. In an interim order, the Karnataka High Court had said that the decisions taken in today’s EGM should not be implemented till the final order is issued. But the Karnataka High Court has also clarified that there is no obstacle to holding the EGM.
