Byju’s Denies Receiving Any Notice From ED Over Violation Of FEMA Worth Rs 9,000 Cr

New Delhi: Edtech major Byju’s on Tuesday denied reports that Enforcement Directorate (ED) has issued any show-cause notice to the company over alleged violations under the Foreign Exchange Management Act (FEMA) worth $1.08 billion (about Rs 9,000 crore).

In a statement to IANS, the company “unequivocally denied” media reports that it was going to receive any ED notice. “The company has not received any such communication from the Enforcement Directorate,” a company spokesperson said.

According to multiple reports, the issuing of show-cause notice followed the ED searches at Byju’s premises earlier this year. Initial investigations after searches had found no FEMA violations by the edtech firm, sources had said in May.

Sources had indicated that searches on the premises of Byju’s in Bengaluru by ED and the material collected were yet to establish any FEMA violations. A company spokesperson had said that the ED visit “was related to a routine inquiry under FEMA and there has been no violations under FEMA by Byju’s”.

The edtech firm said that it will continue to work closely with the authorities to ensure that they have all the information they need. Think and Learn Private Ltd (TLPL), the parent of leading EdTech company Byju’s, said earlier this month that the core business (excluding all acquisitions) reported a 2.3 times growth to reach a total income of Rs 3,569 crore, from Rs 1,552 crore in the previous year.

The EBITDA loss of the core business was down from Rs 2,406 crore to Rs 2,253 crore (year-on-year).