Byju Raveendran
| March 9, 2024, 10:04 a.m.
Byju's Faces Salary Payment Delay Amidst Funding Dispute
Byju's, the embattled edtech company, is facing challenges in paying salaries to its over 20,000 employees for the month of February. The delay is attributed to funds raised through a rights issue being held in a separate account as directed by the National Company Law Tribunal (NCLT). Despite successfully closing the rights issue, Byju's CEO Byju Raveendran expressed regret over the inability to process salaries due to ongoing legal constraints. Raveendran cited certain investors' actions hindering the utilization of raised funds for salary payments, while clarifying that funds have not been misappropriated.
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