22 February, 2024

Byju’s pays remaining employees’ salaries for Nov after ‘technical glitch’

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Edtech major Byju’s has paid November salaries of some of its employees after a “technical glitch” hampered the payment of some 1,000 workers.

Sources told IANS on Monday that the company paid salaries to the remaining employees on Monday. When reached, Byju’s did not officially comment. In an earlier statement, the company had said it was working to resolve the issue and pay the remaining employees.

“We have noticed a delay in processing salary for some limited employees (less than 5 per cent) due to an unexpected technical glitch. The issue is being rectified over the weekend and payment will be processed by Monday,” said a Byju’s spokesperson.

The salary delay for about 1,000 employees appears to have affected people across levels. However, employees affiliated with Akash Institute have not been impacted.

Days after the Enforcement Directorate (ED) issued show-cause notice to edtech firm Think and Learn Private Limited (parent company of Byju’s), and Byju Raveendran over alleged violation to the tune of Rs 9,362.35 crore, the company last week said it will continue to maintain complete adherence to all relevant FEMA regulations.

A BYJU spokesperson said: “We are in receipt of the notice from the ED which now definitively concluded their investigation and the same has been stated in their press release dated November 21.”

The BYJU official said that the queries received in the notice are solely technical in nature such as delay in filing Annual Performance Reports (APRs) with respect to duly compliant ODI investments of close to Rs 8,000 crore that arose from the delayed statutory audit (FY22).

“The company has, however, filed requisite intimation contemporaneously for all FDI which is received in accordance with the eligibility criteria in law and not affected by the alleged non-filing of APR. The company has also issued or allotted shares within the prescribed time against the FDI so received,” the spokesperson said.

The spokesperson had said that this is being clarified to dispel any misgivings about wrong doing in relation to receipt of FDI or allotment of shares.


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