Byju's Expects ED Fines To Be 'Nominal'

Edtech giant Byju's has said it expects the Enforcement Directorate's fines, if any, to be nominal, in response to the show-cause notice it received a week ago.

"Queries received on notice are solely technical in nature, such as delays in filing annual performance reports," it said, adding that it is confident in dealing with the case.

"Based on precedent actions by the Adjudicating Authority, we anticipate that the fines, if any, will be nominal," it said.

The ED notice does not specify any quantum of fine but rather highlights the quantum of investment (Rs ~9,000 crore) along with the deadlines, it said.

"Byju's maintains and will continue to maintain complete adherence to all relevant FEMA regulations, as verified by comprehensive due diligence conducted by reputable law firms," it said.

Exactly a week ago, the Enforcement Directorate issued show-cause notices to Byju's parent company and founder, Byju Raveendran, alleging violations worth over Rs 9,300 crore under the Foreign Exchange Management Act, 1999.

The investigative agency said it initiated an investigation on the basis of various complaints regarding the foreign investment received by the company and its business conduct.