Byju's delays November salary of around 1,000 employees, cites 'unexpected technical glitch'
₹80 billion and failing to allot shares against these. The troubled edtech company however insisted earlier this week that the ED notice pertained to technical issues such as delay in filing Annual Performance Reports with respect to foreign direct investment of ₹8,000 crore.
Byju's said it expected a nominal penalty – if any – over the matter. The cash-starved education provider is also facing a legal battle against the BCCI.
According to a Bloomberg report quoting unnamed sources the matter pertains to a missed payment of sponsorship royalties worth around $20 million. Details shared on the National Company Law Tribunal indicates that the dispute between the Board of Control for Cricket in India and Think & Learn Pvt will be heard on December 22.
Byju’s and its creditors are also locked in conflict over a missed interest payment on a $1.2 billion term loan. (With inputs from agencies)Milestone Alert!
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