Amid the ongoing legal battle with investors and vendors, the company is yet to pay the remaining salaries of February and March to thousands of its employees.
Jinni Thattil, Byju's Chief Technology Officer, sent an email to her team saying that February and March dues for active employees will be cleared between June 15 and June 30, with the "worst case" date being July 8.
“These commitments are based on cash flows and allocated funds (future availability of cash),” he explained.
Thattil also assured his team that there will be no "disruption in monthly salary credit" for the next six months.
Other statutory compliances such as tax deducted at source (TDS) and provident fund (PF) will be "completed" before the deadline.
On the full and final settlement for those leaving the company, the Byju CTO said the settlement will be done "when we have liquidity (access to rights issue funds)".
He further said that the money allocated (for salaries) is based on the assurance fund which will be available to them "to deposit salaries on the month, no cash".
Meanwhile, Byju's is exploring an out-of-court settlement with its two creditors, Teleperformance and Surfer Technologies. The National Company Law Tribunal (NCLT) has adjourned the cases till June 26.
Jinni Thattil, Byju's Chief Technology Officer, sent an email to her team saying that February and March dues for active employees will be cleared between June 15 and June 30, with the "worst case" date being July 8.
“These commitments are based on cash flows and allocated funds (future availability of cash),” he explained.
Thattil also assured his team that there will be no "disruption in monthly salary credit" for the next six months.
Other statutory compliances such as tax deducted at source (TDS) and provident fund (PF) will be "completed" before the deadline.
On the full and final settlement for those leaving the company, the Byju CTO said the settlement will be done "when we have liquidity (access to rights issue funds)".
He further said that the money allocated (for salaries) is based on the assurance fund which will be available to them "to deposit salaries on the month, no cash".
Meanwhile, Byju's is exploring an out-of-court settlement with its two creditors, Teleperformance and Surfer Technologies. The National Company Law Tribunal (NCLT) has adjourned the cases till June 26.
