Byju’s on Monday credited pending salaries for November to around 1,000 employees. The payout was delayed on account of “unexpected technical glitch”.
Though there was no comment from the company, sources said the amounts were credited to the employees on Monday. Last week, Byju’s had said that there was a delay in processing salary for some employees which constitute less than 5 per cent of its workforce due to unexpected technical glitch.
It said the issue will be rectified over the weekend and payment processed by Monday.
The employees who were affected reportedly came under Think & Learn Pvt Ltd while those associated with its test preparation arm Akash were not affected.
Byju’s which is facing a cash crunch is examining various options that include the sale of companies such as Great Learning and Epic which were acquired in 2021.
A Bloomberg report claimed that founder Byju Raveendran has pledged his home and those owned by his family members to raise money for employees. However, this could not be confirmed from the company.
Meanwhile there was another trouble brewing for the company as the National Company Law Tribunal (NCLT) issued notice to Think & Learn Pvt Ltd over a petition filed by the Board of Control for Cricket in India (BCCI).
The BCCI has claimed dues of Rs 158 crore as an operational creditor under section 9 of the Insolvency & Bankruptcy Code 2016.
A PTI report said that a two-member Bangalore-based bench of the NCLT while admitting BCCI’s plea issued notice to Think & Learn on November 28, 2023.
During the proceedings, BCCI’s counsel informed the NCLT that a general notice was issued to Byju’s through an e-mail dated January 6, 2023, with a default amount of Rs 158 crore, excluding tax deduction at source (TDS).
The NCLT order further said, “two weeks is granted to the Respondent (Byju’s) to file a reply and one week thereafter is granted to the Applicant (BCCI) to file rejoinder, if any, after duly serving the copy on the other side.”
The tribunal will hear the matter next on December 22, 2023.
