Delay in salary of 20 thousand employees of BYJU’S, CEO held them responsible
[ad_1]
New Delhi (Uttam Hindu News): Byju’s, a leading company in the edtech sector, has not yet released the salary for the month of February to its employees. Its founder and CEO Byju Raveendran has told employees that the money raised through the rights issue is currently locked in a separate account “at the behest” of some key investors, causing problems in releasing salaries.
In a letter to employees, Raveendran said that the rights issue (which is worth around $25-300 million) has been successfully completed. IANS has a copy of the letter. “However, I regret to inform you that we will still be unable to process your salaries,” he told the more than 20,000 employees. Last month, we faced challenges due to lack of capital, and now despite having funds, we are facing delays.
Raveendran further said that a select few (four of its 150-plus investors) have stooped to heartless levels, ensuring that we are unable to access the funds raised to pay out your hard-earned money. . He said, on his orders, the amount raised through the rights issue is currently locked in a separate account. It is a sad reality that some of these investors have already made substantial profits – in fact, one of them has made eight times more profits than his initial investment in Byju’s.
The Bengaluru bench of the National Company Law Tribunal (NCLT) has directed Byju’s to keep the proceeds from the rights issue in a separate account till the matter is settled with the investors. Raveendran said that despite his best efforts, we are left with no option but to face the heartbreaking reality that we are temporarily unable to provide you the financial assistance you deserve”. He said in the letter. Wrote, “We are trying to ensure that your salary is paid by March 10. We will make these payments as soon as we are permitted to do so by law.
[ad_2]
Source link
