Employees of Byju’s working out of Incuspaze co-working space in Gurugram were asked to vacate the premises on Tuesday due to rental non-payment issues, according to sources aware of the development. The office was mostly utilised by the company’s technology teams.
A Byju’s spokesperson, however, denied this and said all rental payments have been made on time and the company was instead reconsidering whether it would continue using the office premises in the months ahead. The spokesperson added that the company is in the process of negotiating a notice period, or an early exit charge, which has been a cause of dispute between the two parties.
Queries sent to Incuspaze did not illicit an immediate response.
The troubled edtech major had in July vacated its largest office space, spread across an area of 558,000 square feet at The Kalyani Tech Park, and given up a portion of another office space in Prestige Tech Park, both located in Bengaluru. This was done in a bid to cut costs and shore up liquidity amid multiple legal and financial crises.
On Tuesday, the Enforcement Directorate said it has issued a show-cause notice for forex violation of `9,362.35 crore to Byju’s and its founder and CEO Byju Raveendran. However, the company informed its shareholders along with sharing an audit report of a law firm that found no such violation by the company.
The ED had in April conducted searches on several premises linked to Byju’s as part of a probe into alleged violations of Fema in investments received as transfer of funds abroad by the firm.