Edtech company Byju's, which has been struggling for months to pay salaries on time to its thousands of employees and clear their pending dues, apparently has a plan to pay monthly salaries on time for at least the next six months.
The company is yet to pay the remaining salary dues of February and March to thousands of its employees, amid ongoing legal battles with investors and vendors.
Jiny Thattil, Byju's chief technology officer, has sent an email to his team, saying that outstanding clearances for February and March for active employees would be cleared between June 15 and June 30 with the "worst case" date being July 8.
"These commitments are based on the cash flows and funds allocated (future availability of cash)," he clarified. Thattil also gave his team an assurance that there will not be "disruption to monthly salary credit" for the next six months. Other statutory compliances like tax deducted at source (TDS) and provident fund (PF) "would be cleared" before the deadlines. On full and final settlements for those who have quit the company, the Byju's CTO said this would be settled "when we have liquidity (access to rights issue fund)".
He further said that funds allocated (for salaries) are based on the assured fund that would be available to them "month on month to credit salaries, not cash-in-hand". Meanwhile, Byju's is exploring out-of-court settlements with two of its creditors, Teleperformance and Surfer Technologies. The National Company Law Tribunal (NCLT) has adjourned the cases to June 26.
