Byju CEO Raveendran is unable to pay salaries to staff because investors dispute

Byju's Crisis: Edtech company Byju's has been going through a difficult phase for a long time. Now another bad news has come for the employees of the company. Company founder Byju Raveendran informed his employees on Saturday that at present he will not be able to pay the salary for the month of February. There is a long standing dispute between Raveendran and some investors of the company. The founder said that due to the ongoing dispute with some investors, the rights issue amount has been locked in a separate account, due to which such a situation has arisen.

Byju founder said this

According to PTI news, Byju's founder Byju Raveendran has written a letter to the employees on the matter and informed them that the company is having a dispute with some of its investors. Investors have locked the rights issue amount by keeping it in another account. For this reason the company is currently unable to utilize this money. He said that with the funds currently available with the company, it can meet its short term needs.

Effort to pay salary by March 10

Raveendran has also said in his letter that the company is trying its best to pay the salary for the month of February to its employees by March 10, but they will be able to do so only when the law allows them to do so. Will give. Raveendran has said that last month the company had to face problems due to the legal process and now despite having funds, it is facing problems.

Ongoing dispute between investors and founder

On February 23, 2024, some investors of the company had written a letter to Byju's parent company Think & Learn demanding the removal of its founder Raveendran from the post of CEO. Along with this, the investors of the company had also demanded the removal of Raveendran's family members like his wife Divya Gokulnath and his brother Raju Raveendran from all posts. After this, on February 24, Raveendran made it clear that he would remain on the post of CEO of the company.

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