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FIITJEE delays salaries citing cash flow issues
Mint Mumbai
|February 14, 2024
Competition from edtechs, high fixed costs led to 68.5 cr loss in FY23
FIITJEE Ltd has suspended salary payments citing cash flow issues, five company executives said, at a time the test preparation firm is squeezed by rising losses and competition. The company has assured employees that salaries will be paid, but there is no clarity on when, the executives said on condition of anonymity.
FIITJEE, one of India's largest IIT coaching chains operating its own centres as well as franchises, conveyed the decision last week.
"Employees were told on 7 February at a meeting in Delhi that salaries for the month will be delayed. The company has been struggling financially for quite some time now, and employees were informed that this is a cash flow issue that the company was working to fix. However, no timeline was offered for when salaries would be released," one of the executives said.
This story is from the February 14, 2024 edition of Mint Mumbai.
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