Salaries will be paid promptly when we regain control, Byju’s founder

BENGALURU: Edtech firm Byju’s, which has been grappling with multiple legal cases, has once again delayed paying salaries to its employees. Founder and CEO Byju Raveendran said in an email to employees, “When we regain control, your salaries will be paid promptly, even if that means raising more personal debt. This isn’t just a promise – it’s a commitment. We have investors ready to back our turnaround story. They see what I see – enormous potential and inevitable growth.”

Explaining to his employees the current struggles that the company is facing, Raveendran said, “Your salary for July 2024 has not been credited yet. I understand how crucial this is, and I want to explain the situation clearly. Our company recently faced a serious challenge that pushed us into insolvency due to a dispute with the BCCI. We settled the case and were on the brink of regaining control of our finances after the NCLAT ruled in our favour.”

“However, the foreign distress lenders have been litigating against us and appealed this ruling in the Hon’ble Supreme Court. The apex court has issued a temporary stay on the NCLAT’s decision, which means the control of the company’s accounts has not yet been restored to us. Hence, founders are unable to infuse more capital to pay salaries like we have always done over the past many months.”