Byju Raveendran, the founder and Chief Government Officer of edtech main Byju’s, has reportedly knowledgeable workers that the salaries for February are pending processing. This delay is attributed to the truth that the funds raised through the rights difficulty are presently held in a separate account, as requested by sure key traders.
In response to a report by the information company ANI, Raveendran knowledgeable the employees by a letter that the rights difficulty, amounting to roughly $250-$300 million, has been successfully concluded.
“Nonetheless, I remorse to tell you that we’ll nonetheless be unable to course of your salaries. Final month, we confronted challenges because of an absence of capital, and now we’re experiencing a delay regardless of having funds,” Raveendran informed over 20,000 workers, as per the report.
Raveendran added {that a} small group of traders, comprising solely 4 out of greater than 150, have “stooped to a heartless stage, guaranteeing that we’re unable to utilise the funds raised to pay your hard-earned salaries.”
“At their behest, the quantity raised by the rights difficulty is presently locked in a separate account. It’s an agonising actuality that a few of these traders have already reaped substantial earnings – in truth, considered one of them has made a staggering eight instances their preliminary funding in Byju’s,” he added.
The Bengaluru bench of the Nationwide Firm Legislation Tribunal (NCLT) has instructed Byju’s to keep up the proceeds from the rights difficulty in a separate account till the case involving traders is resolved.
In response to the ANI report, Raveendran acknowledged that even after his finest efforts, “We’re left with no choice 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 regulation.”
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