Byju’s, a famous startup company in the education sector, is getting into new problems one after the other. The company, which has been facing controversies for several months, is now in the news due to delay in paying salaries to many of its employees. There are reports that about one thousand employees of Byju’s have been delayed in their salary for the month of November and have not received it till now.
Salary can be received by Monday
According to a report by Mint, Byju has not been able to pay the salary for the month of November to about 1 thousand of its employees. However, Byju says that the reason behind the delay in salary is a sudden technical glitch. The company says that it is working to resolve the problem. Byju’s hopes to credit the salaries of the affected employees for the month of November in their accounts by Monday, December 4.
Parent company employees affected
According to reports, the employees whose salaries have been affected belong to the parent company Think and Learn. The salaries of the employees of almost all the units are stuck this time. The situation is normal for the employees of the subsidiary Aakash Institute and there is no delay in their salaries.
Notice has been received from ED in this matter
This problem with Byju has come at a time when the company is already facing many controversies. Just a few days ago, there were reports of violation of FEMA provisions by the company. ED had said that the company has delayed in giving documents regarding foreign investment of about Rs 8000 crore. The company has not even been able to allot shares in return. ED has sent a notice to the company regarding this.
Dispute with BCCI also
The company is also in dispute with the Board of Control for Cricket in India. Bloomberg had said in a report that Byju’s has missed paying royalty of about $20 million related to sponsorship. This matter has gone to NCLT and the hearing is going to be held on December 22. The company has also defaulted in paying interest on a term loan of $1.2 billion and there is a dispute going on regarding this also.
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