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News on Medial
Byju's delays Nov salary of around 1000 employees, cites ‘technical glitches’
Livemint
·
1y ago
Medial
Edtech startup Byju's has experienced a delay in salary payments for approximately 1,000 employees due to an unexpected technical glitch. The company states that it is working to rectify the issue and plans to process the pending payments by Monday. This comes shortly after Byju's was accused of violating foreign exchange norms in India. The company is also facing legal battles, including a dispute with the BCCI over missed sponsorship royalties and conflicts with creditors over a missed interest payment on a term loan.
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Byju's pays delayed November salaries to 1,000 employees
Money Control
·
1y ago
Medial
Byju's has finally paid the pending salaries for November to 1,000 of its employees. The edtech firm had faced technical glitches and had delayed payments, causing concern among its workforce. The company has been facing multiple challenges recently, including a delay in settling payments to laid-off employees and a legal dispute with the Board of Control for Cricket in India (BCCI). Byju's is currently reviewing its assets and has decided to sell off platforms like Great Learning and Epic to raise funds for loan repayment.
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BYJU’S Closes $200 Mn Rights Issue, But Employee Salaries Delayed Again
Inc42
·
1y ago
Medial
BYJU's, the edtech major, has closed its $200 million rights issue but is facing further delays in salary payments to its employees. In an email to staff, CEO Byju Raveendran blamed a small number of investors who had locked the funds raised in a separate account, preventing the company from making the payments. The Bengaluru bench of the National Company Law Tribunal had ordered BYJU's to keep the proceeds from the rights issue in a separate escrow account. Raveendran said the company was aiming to ensure salaries were credited by 10 March.
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We could have handled the delays better, says Air India CEO Campbell Wilson
Livemint
·
1y ago
Medial
Air India's chief executive and managing director, Campbell Wilson, admitted that the airline could have handled the recent series of delays, cancellations, and technical glitches better. The Directorate General of Civil Aviation (DGCA) issued a show-cause notice to Air India for delays on two international flights and its failure to take care of passengers. Wilson attributed some of the issues to technical problems with the aircraft and ground handling units, extreme weather conditions, and passenger requests not to travel. He acknowledged the need for better compensation and communication and emphasized that the situation was extremely unusual.
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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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About 13,500 employees from Byju’s, Paytm get on job-hunting mission
Economic Times
·
1y ago
Medial
Around 13,500 employees from Indian startups Paytm and Byju's are actively seeking jobs elsewhere. Both companies have faced investor and regulatory challenges, leading to a decline in employee morale. Byju's, once valued at $22 billion, has experienced cash crunch, legal battles, and valuation markdowns, while Paytm faced a directive from the Reserve Bank of India to stop banking services. The tough job market, coupled with macroeconomic uncertainties, presents challenges for employees seeking new opportunities despite being willing to take salary cuts.
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BYJU’S EGM: Investors Vote To Remove CEO Byju Raveendran, But Matter Pending With Karnataka HC
Inc42
·
1y ago
Medial
During an extraordinary general meeting (EGM) held by BYJU'S, shareholders passed all resolutions unanimously, including the request for resolving governance and financial mismanagement issues, board reconstitution, and a change in leadership. However, BYJU'S maintained that the EGM itself was invalid, citing technical glitches, procedural irregularities, and a narrow group of shareholders passing the resolutions. The matter is now with the Karnataka High Court, which is expected to make a decision on March 13, 2024. If the court upholds the investors' position, BYJU'S may see a new CEO and board in the future.
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Zerodha Suffers Another Outage, Users Take To Social Media To Complain
Inc42
·
1y ago
Medial
A 48% of Zerodha's mobile app users faced issues, while 32% couldn't access the website, and 20% couldn't make transactions for trade. The startup faced around 15 technical glitches between 2021 and 2023, leading to customer complaints. Zerodha acknowledged the problem and claimed to have resolved it quickly.
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Zerodha, Groww users miss out on gains from June 4 market plunge due to technical glitches
YourStory
·
1y ago
Medial
Customers of Zerodha and Groww were disappointed as technical issues caused delays in their mutual fund investments during the market turmoil on June 4. Retail investors who had placed orders before the same-day settlement cutoff time claimed their orders were only fulfilled the next day when prices had already risen. Some users reported receiving order confirmations days after placing them. Both Zerodha and Groww acknowledged the issues, with Zerodha blaming a problem with its payment aggregator Razorpay. This incident highlights the recurring problem of technical glitches causing inconvenience and notional losses for investors using brokerage apps.
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Byju's processes employees' May salaries from business collections
Economic Times
·
1y ago
Medial
Edtech firm BYJU'S has successfully processed its employees' May salaries using the company's monthly collections, marking a significant milestone. Previously, the founders had to pledge their house to obtain debt for salary payments. Despite facing financial challenges, BYJU'S managed to cover these expenses by implementing strategic initiatives and raising debts. The company's ability to use its own collections for salary payments reflects the positive impact of these measures. Furthermore, a group of investors has approached the NCLT regarding the company's management and rights issue, with a hearing scheduled for June 6.
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Former Employees Ask BYJU’S To Pay INR 2.3 Cr Salary Dues Or Face Insolvency Proceedings
Inc42
·
1y ago
Medial
Bengaluru-based law firm Canvas Legal has issued a demand notice of over INR 2.3 Cr on behalf of 62 former employees of BYJU'S. The notice gives BYJU'S 10 days to respond, after which the employees plan to file an insolvency petition with the NCLT. Around 1,500 former employees have come together to demand their dues from BYJU'S.
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