Last Updated on September 18, 2024 by Wenivesh Team
In the latest Byju Raveendran news, the founder of Byju’s, the prominent edtech company, has been addressing serious concerns regarding delayed salary payments to thousands of employees. The situation has become a significant issue as the company has struggled to pay salaries on time and clear pending dues, leading to widespread frustration among its workforce.
Byju Raveendran News Confirms Employees Salary Delays
Byju’s had put employee salaries on hold for two months, awaiting approval from the National Company Law Tribunal (NCLT) to access funds from its recently floated rights issue. However, the delay in accessing these funds has left many employees without their rightful payments. The NCLT intervened and directed Byju’s to ensure that salaries are paid regardless of the company’s access to the rights issue funds. The tribunal even warned Byju’s of a potential audit by the Institute of Chartered Accountants of India if the company failed to meet its obligations to its employees.
In an email to staff, Byju Raveendran reassured his employees that their salaries would be paid promptly once the company regained control over its accounts. He emphasized that Byju’s is nearing the end of a negative business cycle and is showing signs of recovery. However, the current situation remains challenging, as Byju’s has not been able to pay July salaries due to a Supreme Court stay order that has temporarily blocked the company from accessing its accounts.
As Byju Raveendran continues to navigate these financial difficulties, employees and stakeholders are closely watching for further updates. The outcome of these developments will be crucial for the company’s future and the morale of its workforce. In the meantime, this Byju Raveendran news highlights the ongoing challenges faced by one of India’s largest edtech companies.
Hope this blog On Byju Raveendran News has been informative and insightful.
Please feel free to leave a comment below if you have any questions or thoughts.