Raveendran Byju: Soon after the Enforcement Directorate (ED) sleuths carried out searches at Byju’s founder Raveendran Byju’s properties for alleged FEMA violations, Byju was quick to reassure his employees. In an email, reassured employees of the company that his company had been compliant with the Foreign Exchange Management Act (FEMA) provisions.
His email said: “I wanted to take a moment to address the recent news of the Enforcement Directorate’s (ED) searches at our premises in Bangalore. The recent visit by the ED is an enquiry under FEMA. The information requested by and furnished to the officers in connection with the FDI raised, overseas investments made, and cross-border transactions relating to marketing and branding activities by BYJU’S has previously been submitted by our authorized representatives.”
Overseas acquisitions over the years
It further went on to say: “As you are aware, we have made a number of overseas acquisitions (investing an amount of approx. Rs. 9,000 crores) over the years as part of our growth strategy. These acquisitions have been instrumental in expanding our reach and impact. In order to fund these acquisitions, we have remitted some of our funding overseas. I also want to highlight that BYJU’S has brought more FDI to India than any other Indian startup (Rs. 28,000 crores) , and as a result, we have been able to create job opportunities for more than 55,000 talented professionals. This makes us India’s largest employer among startups.”
“BYJU’S has taken all efforts to fully comply with all applicable foreign exchange laws and all our cross-border transactions have been duly vetted by both its professional advisors/counsel and advisors/counsel of the investment funds and other sophisticated counterparties. Additionally, all such transactions are routed only through regular banking channels/the RBI’s authorized dealer banks and the requisite documentation and statutory filings have been duly submitted. I want to reassure you that we are fully cooperating with the authorities,” it further read.
‘All FEMA compliance’
“As we are funded by 70+ impact investors who have satisfactorily done due diligence on our operations, including all FEMA compliance, we are confident that the authorities will also come to the same conclusion, the CEO stated.
It may be mentioned that on Friday, the Enforcement Directorate had conducted searches and seizures at three premises in Bengaluru in connection with a case lodged against Raveendaran Byju and his company ‘Think & Learn Private Limited’ under the provisions of the FEMA rules.
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