BYJU Salary Issue: The controversy of Byju has deepened after thousands of employees have not received their salaries for July yet

BYJU Salary Issue: The controversy of Byju has deepened after thousands of employees have not received their salaries for July yet. On this matter, Byju Ravindran said in an email sent to the employees that all the employees will be paid after getting control of the account.

BYJU Crisis: Edtech company BYJU is facing legal challenges. Due to this, the company has not been able to pay July salaries to thousands of its employees. The company's founder and CEO Byju Ravindran addressed the employees and said that he would pay the salary soon despite the legal problems. He told the employees through an email that the salary will be paid on time, even if they had to increase their personal debt for this.

faced a serious threat of bankruptcy

The company had to face a serious challenge of bankruptcy due to a dispute with BCCI in the past days. Byju Ravindran wrote in an email, 'We have resolved the matter and were close to gaining control over our financial affairs after the NCLAT gave a decision in our favor.' He said that for the last several weeks, 'many allegations were made against us, in which it was said that we are fugitives.' Byju Ravindran said that due to the order of the Supreme Court, the salary of July was not given to the employees.

Ravindran said that he has always been transparent about his work

and its methods. He has never tried to avoid legal or financial responsibilities. He told the employees that foreign crisis lenders are suing us and we have appealed to the Supreme Court for this decision. The Supreme Court has put a temporary stay on the decision of NCLAT. After this, the control of the company's accounts has not been restored to us.

Not in a position to invest more

In such a situation, the founders are not able to invest more to pay salaries like 'we have always done in the last several months'. Byju said, 'Out of the 3,976 crores given as salary to the team in the last two years, Rs 1,600 crore was invested personally by Riju (Ravindran).' He also informed that the ED investigation against Byju is limited only to procedural deficiencies under FEMA.

The company is preparing to launch Byju's 3.0.

He said that the company is preparing to launch Byju's 3.0, which is an AI driven, hyper personalized educational platform. Its cost is low and the impact is high. He reiterated that we are still the largest edtech platform at the global level, with 150 million students using our products and services every month.