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BYJU'S PAYS PARTIAL MARCH SALARIES AHEAD OF INVESTOR DISPUTE HEARING
The Business Guardian
|April 23, 2024
Amidst an impending NCLT hearing spurred by investor discontent, Byju's disburses partial salaries, paying teachers and lower-level staff in full while others receive 50 to 100 percent of their March dues
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As the National Company Law Tribunal (NCLT) hearing looms on Tuesday, edtech giant Byju's has reportedly disbursed partial salaries to its employees for the month of March. Sources revealed that Byju's founder and CEO, Raveendran, has personally raised debt to fulfil part of the March payroll obligations.
According to sources, teachers and staff at lower levels have received their full salaries, while others have been paid between 100 to 50 percent of their dues for March. This development comes just before the NCLT hearing scheduled for April 23, concerning an oppression and mismanagement plea filed by four investors of Byju's.
The plea, filed by Peak XV Partners, Prosus NV, General Atlantic, and Sofina SA, contests Byju's decision to raise a USD 200 million rights issue. In response, Raveendran reportedly resorted to personal debt to meet payroll requirements amidst the ongoing legal proceedings.
This story is from the April 23, 2024 edition of The Business Guardian.
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