22 August 2024
Byju Raveendran, founder and CEO of the troubled edtech giant Byju’s, has addressed employees regarding the delay in their July salaries, promising swift resolution despite ongoing legal challenges.
In an email to employees, Raveendran explained that a temporary stay by the Supreme Court on the ongoing bankruptcy case has hindered the company’s ability to access funds, resulting in the delayed payments.
"I understand how crucial this is, and I want to explain the situation clearly," Raveendran wrote, pointing out that the company’s financial control remains frozen due to a legal dispute with foreign lenders. “This isn't just a promise—it's a commitment. Your salaries will be paid promptly, even if that means raising more personal debt."
Byju Raveendran, founder and CEO of the troubled edtech giant Byju’s, has addressed employees regarding the delay in their July salaries, promising swift resolution despite ongoing legal challenges.
In an email to employees, Raveendran explained that a temporary stay by the Supreme Court on the ongoing bankruptcy case has hindered the company’s ability to access funds, resulting in the delayed payments.
"I understand how crucial this is, and I want to explain the situation clearly," Raveendran wrote, pointing out that the company’s financial control remains frozen due to a legal dispute with foreign lenders. “This isn't just a promise—it's a commitment. Your salaries will be paid promptly, even if that means raising more personal debt."
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