Byju’s Manages To Pay Some Portion of Salaries for 20,000 Employees
Embattled edtech company Byju’s on Sunday announced that it has disbursed a portion of the pending salaries for over 20,000 employees for the month of February.
New Delhi, March 10: Embattled edtech company Byju’s on Sunday announced that it has disbursed a portion of the pending salaries for over 20,000 employees for the month of February. The company has also promised to pay the remaining balance, once it is allowed to use the funds from the recently closed rights issue.
"We processed part salaries for everyone for February, late night on Friday to the extent of capital we could get outside the rights issue. The company will pay the balance once the rights issue funds are available, which we expect shortly," the company said in a letter to employees accessed by IANS. "In the interim, we have made alternate funding arrangements to ensure your daily lives are not disrupted," it added. BYJU’s Salary Delay: Edtech Major Likely to Miss March 10 Salary Deadline for 20,000 Employees as Funds Remain Stuck
The company paid the lower base employees fully, and mid-to-senior workers paid in part. The company mentioned that the salaries are expected to be reflected in employee accounts on March 11, as it was delayed due to a long weekend and the second Saturday. Earlier sources said that the company appears not in a position to pay the salaries due to the status quo, as banks also remain closed over the weekend. BYJU'S Rights Issue Gets USD 300 Million Commitment
The Bengaluru bench of the National Company Law Tribunal (NCLT) had directed Byju’s that the proceeds from the rights issue (which is about $250-$300 million) is to be kept in a separate account till the disposal of the case with investors.
(The above story first appeared on LatestLY on Mar 10, 2024 01:17 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).