Byju Raveendran vows to pay staff salaries once he regains control over accounts
edtech firm Byju’s founder, Byju Raveendran, said in an email to his employees that their salaries will be paid promptly as soon as he regains control of the company’s accounts, even if it requires taking on more debt.
“When we regain control, your salaries will be paid promptly, even if that means raising more personal debt. This isn't just a promise — it's a commitment. We have investors ready to back our turnaround story,” said Byju Raveendran.
On August 14, the Supreme Court stayed the National Company Law Appellate Tribunal’s (NCLAT) order that approved the settlement deal between Think & Learn Pvt Ltd, the parent company of Byju's, and the Board of Control for Cricket in India (BCCI).
The order followed an appeal by US lender GLAS Trust Co LLC, representing lenders owed $1.2 billion. The lenders contested the settlement between the edtech firm and BCCI, claiming that the funds paid by Byju Raveendran’s brother Riju Ravindran were tainted.
According to Byju Raveendran, the apex court has temporarily stayed the NCLAT’s decision and so control of the company’s accounts has not yet been restored. This has prevented the founders from infusing more capital to pay salaries, as they have done over the past several months.
The apex court also asked the cricket board to keep Rs 158 crore, realised in the settlement, in a separate escrow account. The court will hear the matter next on August 23.
Over the last 29 months, the company’s sole source of capital was the founders, infusing around Rs 7,500 crore for
