The cash-strapped edtech company Byjus has paid January salaries to its employees. Byju Raveendran, the founder and the chief executive of the company on Sunday marked an email thinking his employees for not giving up, he mentioned that he had to move mountains to make the payroll.Raveendran informed his employees that January salaries have been paid till Monday. Once valued at $22 billion, the company was thrown into a severe financial problem when it was founded in 2011 and began to face litigation from lenders and accusations of violating the Foreign Exchange Management Act (FEMA).I am aware that you were informed that your pay will be received by Monday. Many of you wrote to me saying that you understood what I was going through and that you wouldnt mind waiting even longer. However, you were not required to wait until Monday, he stated.Payroll expenses account for around Rs 70 crore of BYJUs monthly expenditure.I have been moving mountains for months to make payroll, and this time, the struggle was even bigger to ensure that you receive what you rightfully deserve, he stated.In his email, he also thanked employees who did not give up and continued working for the company despite tough times.Everybody has made sacrifices, everybody has grappled with decisions they never desired to make, and everybody is a little bit weary in this battle, but nobody has chosen to give up. This is because we are proud of what we have built. When we have self-respect, we have enough, Raveendran said.The case revolving around ByjusByjus has been facing several challenges and legal issues in recent times. Facing the financial irregularities and delayed audits, the Institute of Chartered Accountants of India (ICAI) has referred Byjus case to its disciplinary committee due to delayed financial filings and alleged discrepancies in their reports. The company faced scrutiny for delaying their audited financial statements for almost 18 months, raising concerns about financial transparency.Meanwhile, the Enforcement Directorate (ED) is investigating Byjus for potential violations of foreign exchange regulations involving a significant sum of money.
