NEW DELHI: Edtech main Byju’s is but to course of the salaries of its workers for the month of February as the quantity raised via the rights problem is at present locked in a separate account “on the behest” of some key buyers, its founder and CEO Byju Raveendran has advised workers.
In a letter to the workers, accessed by IANS, Raveendran mentioned that the rights problem (which is about $250-$300 million) has been efficiently closed.
“Nonetheless, I remorse to tell you that we are going to nonetheless be unable to course of your salaries. Final month, we confronted challenges as a consequence of a scarcity of capital, and now we’re experiencing a delay regardless of having funds,” he advised greater than 20,000 workers.
Raveendran additional mentioned {that a} choose few (4 out of its 150+ buyers) have “stooped to a heartless stage, making certain that we’re unable to utilise the funds raised to pay your hard-earned salaries”.
“At their behest, the quantity raised via the rights problem is at present locked in a separate account. It’s an agonising actuality that a few of these buyers have already reaped substantial earnings – in truth, one in every of them has made a staggering eight occasions their preliminary funding in Byju’s”.
The Bengaluru bench of Nationwide Firm Regulation Tribunal (NCLT) has directed Byju’s that the proceeds from the rights problem is to be saved in a separate account until the disposal of the case with buyers.
Raveendran mentioned that regardless of his greatest efforts, “we’re left with no possibility however to confront the heart-wrenching actuality that we’re quickly unable to give you the monetary help you deserve”.
“We’re striving to make sure that your salaries are paid by the tenth of March. We will make these funds the second we’re permitted to take action as per legislation.”
