Business News : Ravindran, the founder of edutech company Byju's, which is facing financial crisis, has said that as soon as he regains control of the company's accounts, the salaries of the employees will be paid immediately, even if I have to take more loans. Ravindran has given this message to his employees in an e-mail. According to the news of Economic Times, Ravindran has said that what I am saying is not just a promise, it is a commitment. He said that we have investors ready to support our story of change.

The company had an agreement with BCCI

According to reports, on August 14, the Supreme Court stayed the order of the National Company Law Appellate Tribunal approving the deal between Byju's parent company Think and Learn Private Limited and the Board of Control for Cricket in India (BCCI). The order came following an appeal by US lender GLAS Trust Company LLC, representing $1.2 billion worth of creditors. The lenders opposed the deal between the edtech firm and the BCCI, claiming that funds paid to Byju Raveendran were misappropriated by his brother Riju Raveendran.

barred from investing more capital

According to Ravindran, the Supreme Court has temporarily stayed the NCLAT decision and hence control over the company's accounts has not been restored yet. This has prevented the founders from investing more capital to pay salaries, as they have done in the last several months. The Supreme Court also asked the cricket board to keep the Rs 158 crore received in the agreement in a separate escrow account. The court will hear the case next on August 23.

Over the past 29 months, the sole source of the company's capital was the founders, who pumped in about Rs 7,500 crore for operations. Of the Rs 3,976 crore paid as salary over two years, Byju Raveendran said, Riju personally pumped in Rs 1,600 crore.