Delhi, India, February 22 (HBTV): The Directorate of Enforcement has asked the Bureau of Immigration to issue a look-out notice against Byju Raveendran, the founder of the in-crisis edtech company Bjyu's to prevent him from leaving the country.             

Reportedly, the development comes ahead of a high-stakes extraordinary general meeting scheduled for this Friday, where it was reported that certain investors were seeking to oust Raveendran from his position.                   

On Wednesday, the Karnataka High Court had passed an order asking Byju's shareholders not to bring in effect any resolutions during the meeting until the final hearing.           

The order was on a petition filed by Byjus asking the court to restrain shareholders from holding the meeting. While the court has not stayed the meeting, it has kept any resolutions in abeyance till the final hearing.                 

The court will next hear the matter on March 13. Among the issues facing Byju's is the allegation of foreign exchange violations, which has likely prompted the central agency to push for the LOC against Raveendran.                                 

The Enforcement Directorate had in November 2023 issued show cause notices to Byjus for violations under the Foreign Exchange Management Act violations amounting to INR 9362.35 crore. 

(Inputs from various news agencies)