Byju’s founder and chief executive Byju Raveendran has written a note to his shareholders informing them the firm is fully compliant with Foreign Exchange Management Act (FEMA) regulations. Raveendran in a note to shareholders said a top law firm in the country had conducted a due diligence on its FEMA compliance.
“..which ( an email) highlights the results of a comprehensive due diligence conducted on Byju’s. The email confirms that the due diligence found no FEMA violations at Byju’s,” Raveendran’s note to shareholders said.
His letter on Tuesday afternoon comes following the news that the Enforcement Directorate has found alleged forex violations to the tune of Rs 9,000 crore by the edtech giant.
“Byju’s has maintained a cooperative stance with the ED throughout their inquiries. We have satisfactorily answered all their queries, both verbally and on record. We understand that such news can create uncertainty and concern, but we want to assure you that Byju's continues to operate in full adherence to regulatory frameworks,” the letter added.