GG News Bureau
New Delhi, 2nd April. Byjus, an edtech company facing difficulties, has informed its employees that there will be a delay in salary payments once again.
The management of Byjus explained to employees that the delay is due to an interim order obtained by a small group of foreign investors in late February. This order restricted the company from using the funds raised through a successful rights issue.
Byjus reassured its staff that they are working on securing a line of credit to ensure that employees will receive their salaries by April 8.
The management expressed regret over the situation, blaming the delay on the actions of the foreign investors. They mentioned that the company’s founders have invested everything back into the company and are committed to finding a solution despite the legal restrictions.
Byjus also mentioned that they have the necessary approvals to increase the authorized capital for the rights issue, which will allow them to meet all salary commitments once the restrictions are lifted.
The company appealed to the investors to cooperate and expressed understanding for the frustration and helplessness that employees may be feeling. They encouraged employees to remain hopeful and resilient, assuring them that Byjus will overcome this challenge together.
The management thanked employees for their patience, understanding, and dedication during this difficult time.
