Byju Raveendran, Chief Executive Officer and Co-founder of the now-financially struggling EdTech giant BYJU'S, has guaranteed staff that their unpaid pay for the previous three months will be repaid "eventually".
In a lengthy LinkedIn post earlier this week, Raveendran apologised for his absence, asked for forgiveness from staff, and addressed key allegations against him.
Meanwhile, the 45-year-old EdTech entrepreneur denied allegations that his family profited millions by selling firm shares. Instead, he claimed that all of the money was reinvested in the company, Business Standard reports.
He also demanded a "thorough investigation" into the alleged collaboration and fraud involving Glas Trust, consulting company EY, and former resolution professional Pankaj Srivastava. According to Raveendran, these entities significantly influenced the company's downfall.
Despite insisting on his innocence and promising a big recovery, the former billionaire faced tough questioning from colleagues who had been working without pay. Some also expressed concern about reports that he fled to Dubai to avoid legal issues.
Kaushik Lade, a BYJU'S employee, questioned Raveendran in the comments area of his LinkedIn article, underlining the severe condition faced by unpaid employees.
"We hear your passion, but passion doesn’t pay our bills. While you speak of sacrifice, we — the employees who built BYJU’S — have been left stranded without salaries for three months," Lade stated.
He added that the company is yet to pay them the contributions to their Provident Funds too.
“We stood by this company, gave it our best, and now we are fighting just to survive. Please don’t let the people who made BYJU’S suffer in silence. Words inspire, but actions matter,” he said.
In response, Raveendran told the Hyderabad-based employee that salaries would be paid, but not right away, and stressed that he was battling not only for himself but for all of his staff.
