Byju’s Salary: The crisis of the employees of the troubled edtech company Byju’s is not going away. The company has failed to pay the salary for July. Even before this, Byju’s was able to pay late salary to the employees for several months. But this time the company’s CEO Byju Raveendran has given up. He has said in a letter sent to the employees that the company’s bank account is not under our control right now. In such a situation, there is no hope of salary this time.
Supreme Court stays the order of NCLAT
Recently, Byju’s got another big blow. The company was allowed to pay the money by the National Company Law Appellate Tribunal (NCLAT) in the BCCI case. But, the Supreme Court has disappointed Byju’s by staying this agreement on the petition of Glass Trust Company. Byju’s parent company Think and Learn has not been able to pay the salary of July yet. A senior official of the company said on Tuesday that the salary crisis has arisen due to the Supreme Court’s stay on the decision of NCLAT.
Byju Ravindran sent an email to the employees
Meanwhile, Byju Ravindran said in an email sent to the employees that the company’s recovery journey is getting longer due to legal challenges. We have been stuck in these troubles for two years. I am worried about you. Your salary for July has not been deposited yet. We were pushed into bankruptcy due to the dispute with BCCI. We had agreed to pay the money. But the Supreme Court has put a temporary stay on it. Due to this, the company’s accounts are not in our control.
We are unable to raise more money to pay salaries
Byju Raveendran said that we are unable to raise more money to pay salaries. We have paid your salaries for the last several months. I assure you that as soon as we get control of the bank account, your salary will be paid at the same time. For this, we are also ready to take a personal loan. He said that Riju Raveendran was making the payment of Rs 158 crore to BCCI from his own money.
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