Group of Byju's employees is planning to drag the edtech firm to NCLT
The group of employees plan to take Byju's to the National Company Law Tribunal (NCLT) to demand their dues from the embattled edtech company.
A group of employees of Byju's is planning to drag the embattled edtech firm to the National Company Law Tribunal (NCLT), according to a Moneycontrol report. Byju's is already battling legal showdowns with seven of its stakeholders in the court. The report details the troubles of Byju's employees after speaking to over 20 people who were either terminated, resigned, or are still employed at Byju’s. The company is yet to settle their dues, leaving many in financial and emotional distress.
Moneycontrol spoke to 24-year-old teacher Ajay who created a WhatsApp group of people in the same situation. He later created a Google form where participants could briefly describe their issues, the amount owed to them, and the status of their employment at Byju’s.
In just 10 days of group's formation, nearly 400 people filled out the form, revealing total dues amounting to Rs 5.17 crore including both current and former employees, the report stated, adding that Moneycontrol has reviewed the data and the figure is only a fraction of the overall debts owed by Byju’s to its workforce.
Besides major top-level churn, Byju's laid off over 10,000 employees in the last two years as the edtech company grappled with drying venture capital funding and a slowdown in demand for online learning services.
The group of employees led by Ajay have appointed a lawyer and plan to drag Byju's to the NCLT to demand their dues from the company. Byju's was once the world's most valuable edtech company.
