Edtech firm Byju’s has assured its employees that it will clear their salary as well as other dues on the basis of the future availability of funds and cash flow, as per a report by the Financial Express.
The company's chief technology officer, Jiny Thattil, sent a note to its technology team outlining the commitments made during the town hall with founder Byju Raveendran, as per the report. The commitment includes clearing the salary dues of active employees for February and March between June 15 and June 30. In the worst-case scenario, the timing can be extended to July 8.
For the next six months, there won’t be any disruption with regard to the credit of salary, according to the report. Further, before submitting Form 16, Thattil mentioned that the tax deducted at source (TDS) as well as other remittances would be cleared by the company.
Since April of last year, the company has not deposited the TDS on time and has not filed the necessary paperwork with the income tax (IT) department for the bulk of its employees.
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However, instead of the cash available at hand, these commitments are based on the funds allocated for salaries and the anticipated cash flows. While stating that there have been several exits from the company because of the ongoing salary situation where many employees were not paid for the months of February and March, Thattil stated that efforts are being taken to support the early release of the same.
While appealing to the staff for continued support as the edtech firm navigates the financial crisis, Thattil said that the management is working together to find a solution for the same. Additionally, he stated that the embattled edtech firm is making every effort to use "highly calibrated hiring" to identify team replacements, but only in the most dire circumstances.
