The Enforcement Directorate has upgraded its Look out Circular (LC) issued against BYJU’s founder and CEO Byju Raveendran in connection with a FEMA probe, seeking to stop him from going abroad.
The earlier such alert meant that immigration authorities had to just intimate the agency about his movements through various ports.
Official sources said that the over an year old LC was revised sometime back in light of investors’ concerns and ongoing adjudication of a FEMA contravention case against Raveendran and some others. Raveendran is currently stated to be in Dubai.
The ED has asked the Bureau of Immigration to upgrade the LC against Raveendran so that he is not allowed to go abroad from any Indian land, air or land port before the investigating officer of the case is informed.
The LC in operation till now against Raveendran only stipulated the immigration authorities to inform the ED about his entry and exit from the country. The federal probe agency spelled out multiple grounds for charging the ed-tech company and its chief promoter.
Karnataka HC on Wednesday had refused to stay an emergency shareholder meeting called by select investors of Think and Learn Pvt Ltd — the owner of BYJU’S — to oust Raveendran and his family from the leadership in the edtech firm.