Byju’s on Sunday said that it has credited all the pending January salaries over the last two days.
On Friday, in an email to employees, founder and CEO, Byju Raveendran had blamed “an artificially induced crisis” by a select group of investors for delay in paying the January salaries and had added that the same will be paid in a phased manner by Monday.
“I know you were told that you will get your salaries by Monday. You did not have to wait even till Monday. I have been moving mountains for months to make payroll, and this time, the struggle was even bigger to ensure that you receive what you rightfully deserve,” Raveendran said in a fresh letter to the employees on Sunday.
The company’s monthly payroll expenses are close to Rs 70 crore, according to sources.
On Friday, the company had also said in a statement that its shareholder agreement does not give its investors the right to vote on CEO or management change. This was in response to the notice by a group of investors a day earlier seeking an extraordinary general meeting to oust the current leadership team, including Raveendran.
On Sunday, Raveendran reiterated the same in the new letter, and said that the fight is only against a few vested interests who were trying to sabotage the company by impeding the rights issue, that was announced on January 29.
“Nothing has galvanised our team more than their effort to destabilise our company,” he added.
Raveendran also shared an emotional account of the struggles he has been going through at a time when the company has been under fire since the start of 2022 for a range of issues, including a liquidity crunch, accounting irregularities, scrutiny from government bodies, alleged mis-selling of courses and mass layoffs, among others.
/”Two days ago, I saw my father, the most resilient person I know, breaking down after seeing the news. My father is my role model; I am a teacher because he once was; I am an entrepreneur because he always taught me to follow my dreams. That he, my rock-solid support, was moved to tears made me feel a sudden pain,” Raveendran said.