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| Name | ‘Pay Salaries Or Face Audit’: NCLT Warns BYJU’S | Byju’s Latest News | News9 Live |
| Video Uploader | Video From NEWS9 Live |
| Upload Date | This Video Uploaded At 05-07-2024 13:25:45 |
| Video Discription | The trouble for BYJU's just don't seem to end, as financial challenges and legal disputes go on endlessly. In the latest, the National Company Law Tribunal has issued a stern ultimatum to BYJU’s, (show salaries payment to employees). Pay salaries to your employees immediately or face an audit. The Bengaluru bench of NCLT expressed serious concern over delays in salary payments for February and March... and has warned of a potential scrutiny by the Institute of Chartered Accountants of India (ICAI) if the situation persists. BYJU’s has made salary payments for April and May, but has not paid salaries for the months of February and March. The company said that it doesn’t have access to the funds it raised through the rights issue in February and thus, has been late on the payment of salaries. The funds from the rights issue are locked in an escrow account upon the NCLT’s orders till the disposal of the case. The NCLT instructed BYJU’s to provide a detailed response to employees' demands and scheduled further proceedings for the upcoming week. Not just current employees, BYJU's is yet to pay settlement for ex-employees as well. Karnataka's Labour Minister Santosh Lad had recently called on Byju’s to promptly address outstanding dues owed to former employees. According to media reports, about 160 to 200 ex-employees have approached the he Labour Department with unpaid dues totalling around Rs 4.5 crore. The minister had instructed the company to pay at least 50 per cent of the outstanding dues immediately, Amidst these challenges, BYJU’s is also contending with other battles at NCLT, including lawsuits from seven vendors seeking overdue payments. Once the most valuable start up worth an astounding $22 billion, BYJU’s current valuation is down to virtually nothing, due to alleged accounting irregularities and mismanagement. Former brand ambassadors like Shah Rukh Khan and Lionel Messi, once symbols of its ambitious growth, now highlight its dramatic decline. Founder Byju Raveendran, who was once the toast of the start up world is now a cautionary tale. Will he be able to pay the salaries of his employees in the near future, or will salary payments become an additional issue to the existing array of troubles at the beleaguered edtech company? .............................................................................................. News9 is India's first fully integrated English news brand across all digital platforms. It includes a publishing platform, viz. www.news9live.com, a future-ready OTT platform, News9 Plus, and a 24-Hour video streaming service on connected TVs and all social platforms. It's the English news brand that understands and fits perfectly into the digital-first lifestyles of our English news audiences. ► News9 Plus App : https://onelink.to/8pwfkc ► News9 OTT Coupons : https://bit.ly/4dwLDx4 ► Watch us on YouTube : https://www.youtube.com/c/NEWS9LIVE ► Like us on Facebook : https://www.facebook.com/news9live ► Follow us on Instagram : https://www.instagram.com/news9live ► Follow us on Twitter : https://twitter.com/NEWS9TWEETS |
| Category | News & Politics |
| Tags | Breaking News | Latest news | News today | Live news update | latest news today | breaking news today | business | NCLT Warns BYJU’S | NCLT | BYJU’S | nclt warns byju’s | current affairs | byju’s | byjus | byju's | nclt | nclt news | nclt company law | nclt and nclat company law | nclat | bankruptcy |
