Byju's says it has paid some part of salaries for 20,000 employees

Troubled edtech major Byju’s said on Sunday that it has paid a portion of the salaries for February to about 20,000 employees, reported news agency IANS.

According to the report, the company has promised to pay the remaining balance once it is allowed to use the funds from the rights issue. Further, the company said the salaries will be reflected in the employees’ accounts by March 11.

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“We processed part salaries for everyone for February, late night on Friday to the extent of capital we could get outside the rights issue. The company will pay the balance once the rights issue funds are available, which we expect shortly,” the IANS reported added. “In the interim, we have made alternate funding arrangements to ensure your daily lives are not disrupted.”

ET reported on March 5 that four investors of Byju’s have filed their caveats in the Supreme Court, requesting to be heard before any order is passed on any petition likely to be filed against a National Company Law Tribunal order that allowed edtech firm to go ahead with its $200 million rights issue.

Prosus, Sofina SA, Peak XV Partners Investments, and General Atlantic Singapore TL Pte Ltd have filed separate caveats in the SC on Monday.

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The Bengaluru bench of the tribunal had also on February 27 asked cash-strapped Byju’s to keep the proceeds from the rights issue in an escrow account and to consider extending its last date to protect rights of investors. However, the NCLT is yet to decide on whether the rights issue could be stayed.