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BYJU'S owes ₹4.5 crore to 160-200 ex-employees: Karnataka Minister Lad

Money Control

Money Control · 1y ago

BYJU'S owes ₹4.5 crore to 160-200 ex-employees: Karnataka Minister Lad

BYJU'S owes a total of around ₹4.5 crore to 160-200 former employees, Karnataka's Labour Minister Santosh Lad told Moneycontrol. He met with BYJU'S representatives on July 1 and urged them to settle outstanding dues owed to former employees. "I have instructed them to settle at least 50%...dues...at the earliest, with remaining 50% to be paid in due course," Lad said.

Related News

Byju’s woes: Karnataka Labour Minister asks parent company ’Think and Learn’ to settle dues of former employees

Livemint

Livemint · 1y ago

Byju’s woes: Karnataka Labour Minister asks parent company ’Think and Learn’ to settle dues of former employees

Karnataka's Labour Minister Santosh Lad has urged ed-tech company Byju's to settle 50% of the outstanding dues owed to former employees as soon as possible. Approximately 160-200 former employees have come forward with claims totaling around ₹4.5 crore ($605,000). Byju's has assured the Labour Department that all outstanding dues will be settled within a month of receiving a relief order from the National Company Law Tribunal. The company's funds are currently held in an escrow account with the NCLT.

1,887 creditors have so far claimed dues worth $1.5 billion from BYJU'S: Report

The Print

The Print · 11m ago

1,887 creditors have so far claimed dues worth $1.5 billion from BYJU'S: Report

As many as 1,887 creditors have so far filed claims worth $1.5 billion against BYJU'S, the Byju Raveendran-led startup admitted to insolvency, Reuters reported citing insolvency board documents. The startup owes $18.7 million to Centre's Revenue Department and $82.3 million to tax department of Karnataka, where BYJU'S is based. The tax authorities labelled the claims as "statutory dues".

Pay our ₹2.3 crore dues or shut shop: 60 ex-employees to BYJU'S

News Bytes

News Bytes · 1y ago

Pay our ₹2.3 crore dues or shut shop: 60 ex-employees to BYJU'S

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".

BYJU's Ex-Employees charge company of missing full And final settlement deadline

OutlookIndia

OutlookIndia · 1y ago

BYJU's Ex-Employees charge company of missing full And final settlement deadline

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.

State government intervention not needed in TCS layoffs: Priyank Kharge - The Economic Times

Economic Times

Economic Times · 7d ago

State government intervention not needed in TCS layoffs: Priyank Kharge - The Economic Times

Karnataka IT minister Priyank Kharge stated that government intervention is unnecessary in the recent TCS layoffs, which involved nearly 12,000 job cuts due to business overestimation and skill mismatch, not AI disruption. The state will only intervene if AI upskilling incentives are required to safeguard jobs. The Karnataka Labour Minister had requested TCS to explain the layoffs, while the Karnataka State IT/ITeS Employees Union filed a complaint alleging violations of labor laws.

Prosus stake in Byju’s worth zero: HSBC

Economic Times

Economic Times · 1y ago

Prosus stake in Byju’s worth zero: HSBC

HSBC has stated that Prosus' nearly 10% stake in Indian edtech firm Byju's is essentially worthless due to legal battles and a cash crunch. This comes as Byju's controversial $200 million rights issue is being conducted with a 99% discount to its peak valuation, potentially erasing the holdings of investors who don't participate. Additionally, Prosus is involved in a legal battle with Byju's in Karnataka High Court, and Byju's is facing legal troubles in the US over a $1.2 billion loan. The company's operations have also been affected by a lack of funds.

Byju’s lays off about 500 staffers, nearly half from tuition centre business

Economic Times

Economic Times · 1y ago

Byju’s lays off about 500 staffers, nearly half from tuition centre business

Byju's, the troubled edtech company, has reportedly laid off around 500 employees, mainly in sales and marketing roles. The layoffs come as the company faces difficulties in securing capital and managing day-to-day operations. Around 240 of the affected employees worked in Byju's Tuition Centre operations, with the rest employed in other areas like K-10 and examination preparation. The company has attributed the layoffs to a cash crunch and a business restructuring exercise. Additionally, employees were informed that their salaries would be delayed due to actions by investors. Byju's is currently attempting a $200 million rights issue to raise funds.

India's tribunal court allows Byju's to proceed with crucial EGM

TechCrunch · 1y ago

India's tribunal court allows Byju's to proceed with crucial EGM

Byju's has been granted permission to proceed with its extraordinary general meeting (EGM) to increase authorized share capital, following favorable outcomes in two court hearings. The National Company Law Tribunal refused to stay the EGM, but the matter will be reviewed again on April 4th. Concurrently, the Karnataka High Court has granted Byju's two months to address the case filed by a group of investors seeking the removal of founder and CEO Byju Raveendran from the firm. Byju's hopes to tap into the $200 million it has already received from investors through a rights issue.

Byju's drags investors to court, HC grants relief ahead of EGM

Economic Times

Economic Times · 1y ago

Byju's drags investors to court, HC grants relief ahead of EGM

Byju's parent company, Think & Learn, is involved in a legal battle with investors who want to remove founder Byju Raveendran and his family from the board. The Karnataka high court has issued an interim order invalidating any resolutions made at the Friday extraordinary general meeting (EGM) until Byju's petition against the investors is heard. Meanwhile, Byju's has informed shareholders that its $200 million rights issue is fully subscribed. Raveendran has proposed restructuring the board and appointing two non-executive directors, aiming to increase shareholder representation and enhance engagement.

Byju's Vs BCCI case: NCLT likely to pronounce the order on March 20

IndianStartupNews

IndianStartupNews · 1y ago

Byju's Vs BCCI case: NCLT likely to pronounce the order on March 20

The National Company Law Tribunal (NCLT) in Bengaluru will soon decide on the insolvency plea filed by the BCCI against BYJU'S, the edtech giant. The dispute revolves around alleged outstanding dues of around Rs 160 crore from BYJU'S jersey sponsorship deal with the Indian cricket team. BYJU'S argued that the claim should go to arbitration and that the dispute is related to the period after the contract ended. The NCLT is expected to deliver its verdict on March 20. BYJU'S is facing financial challenges, including a dispute with investors over a rights issue and delayed salary payments.

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