Byju's Pays Pending November Salaries To 1000 Employees

Nearly 1000 Byju's employees heaved a sigh of relief as they received their pending November month salaries on December 4, according to reports. The company is currently facing troubles on several fronts. At present, approximately 14000 employees are on the payroll of Byju's India entity.

Byju's had earlier said that a technical glitch while uploading details from the company system to the payroll service provider system caused the issue, which has now been resolved, according to a report in Moneycontrol.

The edtech has yet to issue any comment.

Byju's has also come under fire recently for delaying full and final settlements of laid-off employees yet again. The Bengaluru-based company had earlier shifted the date of payment from September to November. This development follows fresh troubles for Byju's as the Board of Control for Cricket in India (BCCI) dragged the edtech firm to the National Company Law Tribunal, added the Moneycontrol report.

Byju's recently overcame a longstanding issue with Davidson Kempner, linked with covenants on it's subsidiary Aakash. Earlier in November, Manipal Group chairman Ranjan Pai bought out the debt investment by the US Hedge Fund, in a Rs 1,400-crore deal, Moneycontrol reported.

Meanwhile in September, Byju's also submitted a proposal to its lenders, in which the company expressed its intention to fully repay its $1.2 billion term loan B within the upcoming six months. Byju's aims to achieve this by making an initial payment of $300 million within the next three months.