The National Company Law Tribunal informed Byju's that, should it be necessary, the firm may have an audit of its accounts to determine if it has enough money to pay its employees' salaries.
A number of the company's employees filed a petition demanding unpaid wages, and the court noted that Byju's is still a running business and has to be making money in order to pay salaries. According to the court, the company needs to demonstrate its incapacity to pay or be ready for an audit. The comments were raised throughout the debates, and no decision has yet been made. Byju's chose not to respond.
A few of Byju's staff members have yet to receive their whole pay for the months of February and March. Founder and CEO Byju Raveendran had previously written to staff members stating that salary payments had been delayed due to a decision made by a small group of investors to prevent the firm from using the money obtained via the rights issue.
Byju's also started new layoffs in April, eliminating 500 positions total and giving away the majority of its office space. In a late-February interim order, the NCLT directed the company to retain all proceeds from its $200 million rights issue in a separate escrow account and prohibited it from taking any further withdrawals until the mismanagement and oppression lawsuit brought by a group of investors against the company's management was resolved. Prosus, Peak XV Partners, Sofina, and General Atlantic, Byju's investors, had been against the rights issue from the beginning and are rumored to have filed a case against the Karnataka high court's recent decision to overturn the NCLT stay on the company's second rights offer.
