Byju’s Shut Down Their Offices in All Over India Except Banglore, Know Here Reason of It

Byju’s Crisis: Byju’s has asked that all employees work from home for the foreseeable future, with the exception of those who work out of one or more Byju’s Tuition Centres.

Byju’s, an Edtech company in India, has closed all of its offices and only retained the headquarters at IBC Knowledge Park Bengaluru.

The company is addressing an impending liquidity crisis by taking this cost-cutting measure. It has been in a dispute with investors over the funds raised through a rights issue that was recently completed.

Byju’s Work From The Home Rule

It was reported that Byju had asked all employees, except those who work out of the approximately 300 Byju Tuition Centres in India, to work from home for an indefinite period. Byju’s India CEO Arjun Mohan’smohan’s restructuring plans led to the company’s decision.

This has been planned for more than six months. CapTable reported that the company was closing down offices all over the country as soon as the leases expired.

Byju’s Salary Paid

It was reported earlier that Byju’s had disbursed portions of the pending salaries for all employees in February as part of its attempt to settle the balance after it received permission to use funds from the closed right issue.

The company stated that it has processed a part of the salary for February up to the amount of capital it has outside of the rights issue. It expects salaries to be reflected in employee accounts on March 11, 2019.

The company stated that it had made alternative fund arrangements in order to make sure that daily life was not disrupted. It is also “committed to serving the students with the passion and dedication that they deserve”.

Byju’s Mountainous Troubles

In the last year, the company laid off thousands in response to a double blow: a drying up of venture capital funding as well as slowed demand for online education services.

In the last year, other members of its investor board have also left, citing disagreements with Raveendran.

Since then, the company has attempted to correct some of these problems. Ranjan Pai, an early investor in the company, invested capital.

It also set up a council of veterans like Mohandas Pai or Rajnish Kumar. Arjun Mohan was elevated to CEO. It has also been in discussions to sell assets like Great Learning and Epic.

Some Relief by NCLT

The National Company Law Tribunal (NCLT), which is the country’s company law tribunal, deferred last month its decision on a petition submitted by Byju’s shareholders, potentially opening the door for the $200 million rights issue.

The NCLT Bengaluru bench Justices K Biswal and Manoj Kumar Dubey asked Byju’s parent Think & Learn, as well as the investors, to submit written submissions.

They deferred their order. According to Mint, Byju is expected to proceed with its planned rights offering. Another source stated that investors who approached NCLT would likely pass on this rights issue.

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