Raveendran said a top law firm had conducted due diligence on its FEMA compliance.
Elevate Your Tech Prowess with High-Value Skill Courses
| Offering College | Course | Website |
|---|---|---|
| Northwestern University | Kellogg Post Graduate Certificate in Product Management | Visit |
| Indian School of Business | ISB Digital Transformation | Visit |
| Indian School of Business | ISB Professional Certificate in Product Management | Visit |
“…(an email from the law firm) 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 in the wake of reports 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.