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Byju’s Pays January Salaries; Raveendran Says, “Moving Mountains As Struggle Was Bigger”

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<p>The founder and CEO of the troubled edtech startup Byju’s, Byju Raveendran, said in a recent letter to staff members on February 4 that the business had successfully paid out all of the workers’ unpaid January salary during the previous two days.</p>
<p><img decoding=”async” class=”alignnone wp-image-386632″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-byjus-pays-january-salaries-raveendran-says-moving-mountains-as-struggle-was-bigge.jpg” alt=”theindiaprint.com byjus pays january salaries raveendran says moving mountains as struggle was bigge” width=”1062″ height=”708″ title=”Byju's Pays January Salaries; Raveendran Says, "Moving Mountains As Struggle Was Bigger" 3″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-byjus-pays-january-salaries-raveendran-says-moving-mountains-as-struggle-was-bigge.jpg 510w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-byjus-pays-january-salaries-raveendran-says-moving-mountains-as-struggle-was-bigge-150×100.jpg 150w” sizes=”(max-width: 1062px) 100vw, 1062px” /></p>
<p>“I am aware that you were informed that your pay will be received by Monday. It was not necessary for you to wait until Monday. In the most recent letter, Raveendran said, “I have been working extremely hard for months to make payroll, and this time, the struggle was even bigger to ensure that you receive what you rightfully deserve.”</p>
<p>According to a Moneycontrol article, Think and Learn Pvt Ltd, which goes by the name Byju’s, spends around Rs 70 crore a month on payroll.</p>
<p>The most current information comes after a story that surfaced two days earlier and said that the January pay distribution was delayed. Amidst a worsening financial situation, this failure happened even though the corporation had previously assured staff that payments would be paid on the first of every month.</p>
<p>Senior management acknowledged the delay and attributed it to a “select investors’ artificially induced crisis” in a letter addressed to staff members.</p>
<p><strong>“Investors Are Not Entitled to Vote”</strong></p>
<p>A day after some of its investors started a campaign to remove its leadership, Byju’s also released a separate statement to the media emphasizing that investors have no voting rights on the CEO or changes to management under the terms of the shareholder agreement.</p>
<p>An Extraordinary General Meeting (EGM) has been convened by at least six Byju’s investors in order to address difficulties at the edtech giant and remove the founders from their positions of power.</p>
<p>With regret, Think & Learn Pvt Ltd has taken notice of remarks made by a small number of investors demanding an EGM to remove Byju Raveendran, the group CEO and founder. The firm released a statement saying, “Under these regrettable circumstances, we would emphasise that the shareholder’s agreement does not give them the right to vote on CEO or management change.”</p>
<p>In the EGM notification, the investors—led by the Dutch investment group Prosus—asked for the reorganization of the board of directors as well as the resolution of the unresolved governance, financial mismanagement, and compliance concerns.</p>
<p>The group of investors recently sent a notice to shareholders stating, “The resolutions being put forward for the EGM to consider include a request for the resolution of outstanding governance, financial mismanagement and compliance issues, the reconstitution of the Board of Directors so that it is no longer controlled by the founders of T&L and a change in leadership of the Company.”</p>
<p>In his most recent letter, which was sent on February 4, Raveendran reiterated this position and emphasized that the company’s enemies are a small group of powerful individuals who are working to weaken it. It was disclosed earlier in the week that these interests aimed to impede the planned rights issue for current shareholders.</p>
<p><strong>“Emotional Record”</strong></p>
<p>The Byju’s CEO also gave an impassioned speech outlining the difficulties he has had throughout the time that the business has been under investigation from the start of 2022. Concerns include extensive layoffs, charges of mis-selling courses, government investigations, financial problems, and a liquidity shortage.</p>
<p>“I saw my father, who is the strongest person I know, crying after receiving the news two days ago. My father serves as a great example for me. He encouraged me to always pursue my aspirations, which is why I am an entrepreneur and teacher today. I felt a sharp pang as I realized that my pillar of strength, Raveendran, was crying.</p>


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