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News on Medial
‘All PF dues have been cleared’: Edtech giant BYJU’S issues clarification on delayed payments
Business Today
·
2y ago
Medial
Beleaguered start-up BYJU’S has refuted claims of a delay in provident fund (PF) payments of its employees. A company spokesperson clarified: “There are no pending PF dues. We would like to reconfirm that all PF dues have been cleared till June 2023 for our employees. There have been a few authentication issues which are currently being worked on 1:1 with the employees and the PF department.”
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All PF dues will be cleared, EPFO Board member assures Byju’s employees
Money Control
·
2y ago
Medial
A board member of the Employees' Provident Fund Organisation (EPFO) has reassured employees of BYJU'S, an edtech startup, that all their provident fund (PF) dues will be cleared. This comes as a response to concerns raised by BYJU'S employees regarding their PF contributions. The EPFO board member provided assurance that the outstanding PF amounts would be resolved, providing relief to the affected employees.
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Spicejet claims it has cleared pending employee provident fund dues; shares recover 5% from day’s low | Company Business News
Livemint
·
7m ago
Medial
Budget carrier SpiceJet has cleared all pending employee provident fund (PF) dues amounting to ₹160.07 crore. The airline raised ₹3,000 crore through qualified institutional placement in the past three months, enabling it to settle pending dues such as employee salaries, tax deductions, and GST. SpiceJet expects savings on interest payments and has used internal cashflows to meet statutory obligations. The company has also resolved disputes with aircraft lessors and other creditors, improving its balance sheet and demonstrating its commitment to operational excellence.
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BYJU’S financial crisis: Employee PF credit stopped again even after deduction from salaries
Inc42
·
1y ago
Medial
Edtech giant BYJU'S has reportedly not deposited the provident fund (PF) in the EPFO accounts of its employees since August, despite deducting the amount from their salaries. This comes at a time when BYJU'S is facing financial difficulties, with its founder pledging his houses to borrow $12 million to pay salaries. The company has also been accused of being late in crediting the PF amount to the EPFO portal in the past. BYJU'S has been laying off employees in an effort to cut costs, adding to employee dissatisfaction.
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'Passion doesn't pay bills,' says ex-BYJU'S employee on unpaid salary; CEO replies
Inshorts
·
5m ago
Medial
A former BYJU'S employee tagged CEO Byju Raveendran on social media and wrote, "Passion doesn't pay our bills...We've been left stranded without salaries for 3 months. Our PF remains unpaid." He added, "Words inspire, but actions matter." Byju Raveendran responded, "Bills will be paid, comeback will be made, dues will be cleared. Not immediately, but eventually."
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Byju's employees asked to leave Gurugram office space due to non-payment of rent: Report
IndianStartupNews
·
1y ago
Medial
Troubles continue to mount for edtech giant Byju's as employees were asked to leave their office space in Gurugram due to alleged non-payment of rent. Byju's denied the claims and stated that all dues were cleared on time. However, the company is facing multiple legal and financial challenges, including a show-cause notice from the enforcement directorate for alleged foreign exchange violations. This incident adds to the series of layoffs and office closures the company has faced recently. Byju's future seems uncertain as it deals with these ongoing issues.
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BYJU’S defers offer letters of incoming employees amid growing troubles
Business Today
·
2y ago
Medial
Edtech giant BYJU'S has deferred the offer letters of incoming employees due to mounting challenges. The company, facing issues related to delayed regulatory approvals and operational disruptions, has put the hiring process on hold temporarily. The decision reflects the difficulties faced by BYJU'S in adapting to changing market dynamics and maintaining its growth trajectory amid a challenging business environment.
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Vedanta to appeal against Sebi order to pay ₹77.62 crore to Cairn
Livemint
·
1y ago
Medial
Vedanta Ltd announced its plan to appeal against the Securities and Exchange Board of India's (Sebi) order to pay a penalty of INR 77.6 crore to Cairn UK Holdings Ltd for delayed dividend payments. The order also barred Vedanta's entire board from accessing the capital market. Vedanta claims that Cairn had waived its right to claim interest when settling a retrospective tax demand with the Indian government. Vedanta cited no intent to withhold dividend payments and argued that all dues were cleared after Cairn settled its tax dispute.
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Zomato faces insolvency plea over alleged Rs 1.64 crore unpaid dues
Economic Times
·
4m ago
Medial
Food delivery service Zomato faces an insolvency plea from Nona Lifestyle over alleged unpaid dues of Rs 1.64 crore for uniforms and merchandise, including ICC World Cup jerseys. Nona claims Zomato delayed payments and used pressure tactics; Zomato denies this, citing missed delivery deadlines by Nona, resulting in penalties. The National Company Law Tribunal has delayed proceedings to April 3 for further clarification. Zomato argues it only paid for delivered items after deductions.
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Expedite Inspection Of BYJU’S Books: Corporate Affairs Ministry To Officers
Inc42
·
1y ago
Medial
The Ministry of Corporate Affairs (MCA) has directed its officials to expedite the inspection of BYJU'S, the edtech giant. The ministry will determine the next course of action based on the inspection report, which has already been delayed by three months. The investigation focuses on alleged governance lapses and compliance issues in the company. The ongoing controversy stemmed from the lack of clarity surrounding BYJU'S audited financials, and delays in filing financial statements have caused an uproar from investors. The Institute of Chartered Accountants of India is also finalizing its report on the auditing process of the startup.
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BYJU’S FY22: Decoding the auditor’s red flags in the debt-ridden edtech giant
Inc42
·
1y ago
Medial
BYJU'S, the edtech giant, has revealed its financials for FY22, showing losses of nearly $1 billion. The financial report also highlights several red flags raised by the auditor, including violations of sections of the Companies Act, potential statutory dues, and bad loans to subsidiaries. Among the concerns are significant dues from subsidiaries, such as Toppr and WhiteHat Jr, which have borrowed large sums from the parent company. The report also mentions potential violations of the Foreign Exchange Management Act (FEMA) and delays in depositing provident fund contributions. The company's ability to continue as a going concern is called into question due to these issues.
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