Byju’s, the edtech start-up, has again delayed employee salaries citing its inability to access proceeds from a $200 million rights issue, which has been locked in a separate account.

This is the third straight month that payments to staff have been affected. The company, which is engaged in a standoff with a section of its investors, is hoping to disburse the salaries by April 8. It has around 15,000 employees.

“We are writing to you today with a heavy heart but with a message of hope and reassurance. We regret to inform you that there will again be a delay in the disbursement of salaries,” Byju’s said in an email addressed to employees on Monday.

It added that a “few misguided foreign investors’’ obtained an interim order in late February ``which has restricted usage of the funds raised through the successful rights issue. This irresponsible action by the four foreign investors has compelled us to temporarily hold the disbursal of salaries until the restriction is lifted”.

A group of four investors — Prosus, General Atlantic, Sofina, and Peak XV — along with support from other shareholders, including Tiger and Owl Ventures, have approached the National Company Law Tribunal (NCLT) against the rights issue.

Last month, the Bengaluru bench of the NCLT declined to grant a stay on the extraordinary general meeting (EGM) on March 29 called by ‘Think and Learn’, Byju’s parent.

The EGM was called to increase the company’s authorised share capital following a rights issue. In an interim order dated February 27, the NCLT had said the funds received by the company through the rights issue should be kept in a separate escrow account and withdrawn when the matter is disposed of.