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BYJU's Ex-Employees charge company of missing full And final settlement deadline
OutlookIndia
·
1y ago
Medial
Former employees of edtech giant BYJU'S have accused the company of failing to meet the deadline for full and final settlement of laid-off workers. The workforce at BYJU'S has decreased from 50,000 in October 2022 to 31,000-33,000. Employees have taken to social media platforms and email to express their grievances about delayed payments and lack of resolution from the company. BYJU'S has not provided any comment on the matter. The company had previously announced plans to lay off around 3,500 employees in October.
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Related News
Byju’s misses deadline to pay final settlements of laid off employees again
Money Control
·
1y ago
Medial
Edtech company Byju's has once again delayed the full and final settlements of laid-off employees, missing the November 17 deadline. Amid a liquidity crunch and pending lender repayments, the company has been grappling with financial difficulties. Out of the 48 former employees surveyed, 40 have reported not receiving their settlements as promised, while some who did receive the payment did not receive variable pay or incentives. Byju's claimed to be making payments in a phased manner on a weekly basis, but some employees are still awaiting their settlements from June and July.
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Byju's regrets 'delays' in settling dues of laid-off employees
Economic Times
·
1y ago
Medial
Byju's, the edtech giant, has announced its commitment to clearing the full and final settlement dues of laid-off employees. The company expressed regret over the delays in settling dues and attributed them to a "difficult business restructuring." Byju's had laid off around 1,000 employees in June 2023. The new timeline provided to sacked employees suggests that outstanding payments will be made by November 17, 2023, instead of the earlier deadline of September 15. Byju's is also exploring the sale of subsidiaries like Epic and Great Learning to raise funds to repay its outstanding Term Loan B.
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Pay our ₹2.3 crore dues or shut shop: 60 ex-employees to BYJU'S
News Bytes
·
1y ago
Medial
Over 60 former employees of BYJU'S have threatened to initiate insolvency and bankruptcy proceedings against the company over unpaid salaries worth ₹2.3 crore. The notice, sent on July 4, demands BYJU'S to "unconditionally repay the unpaid operational debt (in default) in full within 10 days from the receipt of this letter".
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Byju’s defers final settlements of laid off employees to November
Money Control
·
1y ago
Medial
Edtech giant Byju's has delayed the full and final settlements of laid-off employees from September to November due to a liquidity crunch and pending fundraise. The company had previously initiated a workforce reduction that affected nearly 1,000 employees. Byju's has informed the affected employees through an email about the delay and expects to disburse their outstanding payments by November 17. This comes as the company aims to repay lenders within six months and explores options to secure necessary funds, including the sale of assets like Great Learning and Epic.
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BYJU'S knocks at NCLAT door against NCLT's insolvency order; seeks urgent hearing
YourStory
·
1y ago
Medial
Edtech company BYJU'S has reportedly moved the National Company Law Appellate Tribunal (NCLAT) against a recent order by the National Company Law Tribunal (NCLT) that allowed the Board of Control for Cricket in India (BCCI) to initiate insolvency proceedings against BYJU'S parent company, Think and Learn Pvt Ltd. The move comes after BYJU'S failed to pay INR 158.9 crore in dues to BCCI. BYJU'S is seeking an urgent hearing on the matter and is hopeful of reaching an amicable settlement with BCCI. The company has been facing financial troubles and job cuts since missing financial reporting deadlines two years ago.
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Byju Raveendran vows to pay staff salaries once he regains control over accounts
Economic Times
·
11m ago
Medial
Byju's founder, Byju Raveendran, assured employees in an email that their salaries would be paid promptly once he gains control of the company's accounts, even if it means taking on more debt. Byju's has faced financial troubles after a settlement deal with the Board of Control for Cricket in India (BCCI) was contested by lenders. The Supreme Court has temporarily stayed the settlement agreement, preventing the founders from infusing more capital into the company. Byju's is hopeful for a turnaround and plans to launch Byju's 3.0, an AI-driven educational platform.
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Dunzo defers pending salaries for June-July to Feb 2024: Report
Inshorts
·
1y ago
Medial
Cash-strapped startup Dunzo has informed employees that it will pay the remaining salaries for June and July by February 2024, citing the current business situation. The payments will include an interest of 12% per annum based on the employee's service period. Former employees will receive payments for August and September salaries by January-February 2024 as part of the full and final settlement. Dunzo has been facing a severe liquidity crisis, resulting in salary delays, restructuring, and operational halts. The company is reportedly in talks with investors to raise funding.
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Byju’s employees rush to file claims for their unpaid salaries as deadline nears
Livemint
·
1y ago
Medial
Byju's employees are rushing to claim unpaid salaries and benefits after the edtech company was declared bankrupt and admitted to insolvency. With a deadline of July 31st, employees have hired legal professionals to help them recover their dues. Byju's founder and CEO, Byju Raveendran, has been unsuccessful in his attempts to overturn the insolvency order through appeals. Employees must file their claims individually or as a group with supporting documents, and if Byju's goes into liquidation, former employees who have filed claims are expected to recover their money as workmen compensation.
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Byju’s ex-director Riju Ravindran fined $10,000 a day over missing $533 million
Economic Times
·
1y ago
Medial
A judge ruled that the suspended director of Indian edtech firm Byju's must pay $10,000 per day until he assists in locating $533 million that his company allegedly hid from US lenders. Riju Ravindran, the brother of Byju's founder, is in the midst of a two-year dispute over the missing funds, which lenders claim should be returned to them after a company default. Ravindran, along with two other directors, was recently replaced by a trustee. The judge also rejected a request to pause the US debt fight to allow Ravindran and the company to find new lawyers.
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Byju’s Insolvency Case: Founders Blame Ex-IRP for Delaying BCCI Application Submission
OutlookIndia
·
4m ago
Medial
Byju's founders accused former interim resolution professional Pankaj Srivastava of deliberately delaying the submission of a settlement application with the Board of Control for Cricket in India (BCCI) during the company's insolvency proceedings. The company's director, Riju Raveendran, filed an appeal against a previous tribunal decision, blaming the delay for hindering Byju's ability to exit insolvency. The dispute stems from Byju's financial struggles affecting their BCCI sponsorship payments, leading to legal battles and complex creditor negotiations.
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