Accounts frozen, can’t pay salaries: Byju’s

BENGALURU: Edutech company, Byju’s, currently embroiled in a legal battle over its finances, has told Karnataka’s labour department that it can pay salaries to employees only if the freeze ban is lifted on its escrow accounts.
The labour department and the edutech firm have had numerous rounds of consultations on employee grievances over unpaid wages.At Monday’s meeting, Byju’s revealed that approximately Rs 5,200 crore of its funds are in accounts frozen on directives from National Company Law Tribunal (NCLT).

The company cited these legal constraints as the primary hurdle preventing disbursement of salaries outstanding, amounting to Rs 4.5 crore, to its workforce in Karnataka. But Byju’s remained adamant in its stance and is awaiting developments from the NCLT proceedings scheduled for July 4.