Byju’s delays November salary of around 1,000 employees, cites ’unexpected technical glitch’
Around 1000 employees of edtech startup Byju's have had their salaries delayed due to a technical glitch. The company said it was working to resolve the issue.
Edtech startup Byju's has delayed the salary of around 1000 employees due to an ‘unexpected technical glitch’. The beleaguered company said it was working to fix the issue and planned to credit the pending sum by Monday.
“We have noticed a delay in processing for some employees due to an unexpected technical glitch. The issue is being rectified and the payment will be processed by Monday,” the company said in a statement shared with The Economic Times.
The impacted individuals reportedly fall under the company's parent firm — Think & Learn. The delay appears to have affected people across staff levels. However workers affiliated with its test preparation subsidiary (Akash Institute) have not been impacted.
ALSO READ: Byju’s issues clarification over show cause notice issued by ED
The development comes mere days after the company was accused of violating India's Foreign Exchange Management Act norms. The Enforcement Directorate said that Byju's had delayed the filing of documents against the foreign investment of about ₹80 billion and failing to allot shares against these.
The troubled edtech company however insisted earlier this week that the ED notice pertained to technical issues such as delay in filing Annual Performance Reports with respect to foreign direct investment of ₹8,000 crore. Byju's said it expected a nominal penalty – if any – over the matter.
The cash-starved education provider is also facing a legal battle against the BCCI. According to a Bloomberg report quoting unnamed sources the matter pertains to a missed payment of sponsorship royalties worth around $20 million. Details shared on the National Company Law Tribunal indicates that the dispute between the Board of Control for Cricket in India and Think & Learn Pvt will be heard on December 22.
Byju’s and its creditors are also locked in conflict over a missed interest payment on a $1.2 billion term loan.
(With inputs from agencies)
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Business NewsCompaniesNewsByju’s delays November salary of around 1,000 employees, cites ’unexpected technical glitch’
First Published:2 Dec 2023, 08:04 PM IST
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