Byju's clears March salary of employees ahead of NCLT hearing

Mon, 22 April 2024

17:28

Ahead of the National Company Law Tribunal (NCLT) hearing on Tuesday, Edtech company Byju's has paid partial salaries to employees for March. Sources told ANI that Byju's founder and CEO Raveendran has raised debt in personal capacity to pay part of March salaries of employees. Teachers, staff at lower levels are paid 100 percent of salary.

The development comes just before the April 23rd hearing at the NCLT on the oppression and mismanagement plea filed by four investors of Byju's. The plea was filed by Peak XV Partners, Prosus NV, General Atlantic, and Sofina SA, who opposed the company's decision to raise USD 200 million rights issue.

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