Baiju to delay payment of salary for third month in a row, blames him – India TV Hindi

Helpless to pay salary...- India TV Paisa

Photo: Reuters Byjus will delay payment of salary.

Baijo’s Employees will have to wait for salary this month too. Company will pay March salary late. This is the third month in a row that the financially troubled adtech company is struggling to pay salaries to its employees. The company has blamed foreign investors for its financial crisis. “Certain foreign investors have obtained an interim injunction in late February, restricting the use of funds raised through a successful rights issue,” the company said in an email to employees on Monday. said The company says it is pursuing a parallel line of credit to ensure payment of salaries by April 8.

What did Baiju write in the email?

“We are writing to you today with a heavy heart but with a message of hope and confidence,” the email said, LiveMinute reported. We regret to inform you that once again the distribution of salaries will be delayed… 4 This irresponsible move by foreign investors has forced us to delay the payment of salaries until the sanctions are lifted. Distribution is being stopped.

Awaiting lifting of ban on proceeds from rights issue.

The email read, “It is with a heavy heart but with a message of hope and confidence that we are writing to you today. We are sorry to inform you that once again the disbursement of salaries will be delayed. Until the embargo is lifted, the salaries will be delayed.” DISTRIBUTION We have full confidence in the Indian justice system and look forward to a favorable outcome, which will enable us to utilize the funds raised through the rights issue and mitigate the financial challenges we face. are currently facing.

The company has not been able to pay salaries on time since January.

Cash-strapped Baiju has been struggling to pay salaries on time since January this year. The company paid the January salary in February. In an email in February, Baiju Ravindran wrote, ‘I have been struggling to pay salaries for months now… and this time the struggle was even bigger than getting your salaries on time.’ The company has already paid part of the February salaries to employees and said the rest will be paid once the rights issue funds are available.

The matter is in NCLT.

A group of four investors – Process NV, General Atlantic, Sofina and Peak (NCLT). On February 27, the NCLT had directed the company to keep the proceeds from the rights issue in a separate escrow account and not withdraw the funds till the resolution of the suit filed by the investors.

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