The ruckus of edtech company Byju's is showing no sign of stopping. There is a tussle between the company's founder Byju Raveendran and the investors. Meanwhile, it has been revealed why Byju's is not able to pay salaries to its employees?
When will the swords drawn between Byju's founder Byju Raveendran and the company's investors go back into their sheaths? This cannot be said right now, a decision of the Karnataka High Court is to come in this matter on March 13, but in the meantime, Byju Raveendran has revealed that despite having money, why is the company not able to pay the salaries of its employees?
Byju Raveendran has written a letter addressing the employees of the company. It has been said that the company has raised sufficient amount of funds from the rights issue. Despite this he cannot pay them salary. The reason for this is that they do not have access to this money.
Byju Ravindran's letter
Byju Raveendran has written, “This should have been a happy news, because now we have money to settle the short-term needs and burden of the company. But, I regret to inform you that we are unable to process your salary also. On one hand the company is struggling for funds, on the other hand the company's board is trying to ensure that people get their salaries by March 19."
He said that the company will process the salaries of the employees as soon as possible, because the company has the legal right to access this fund.
Investors hit the road
Byju Raveendran said that the company is not able to access its funds because some investors have put obstacles in the way. He said, “It is unfortunate that out of more than 150 of our investors, 4 have reached the height of cruelty. They have ensured that we are not able to use this fund and are not able to give you your hard-earned salary.”
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