Byju's founder Raveendran pledges property to generate funds for salaries of employees: Report
Byju's founder Raveendran pledges property to generate funds for salaries of employees: Report
Ed-tech platform Byju's founder, Byju Raveendran, has pledged his home and the property owned by his family members to raise funds for the salaries of the ones employed by his firm, Bloomberg News reported on Monday (Dec4).
According to the reports, the properties include two houses owned by Raveendran's family and an under-construction villa in the southern city of Bengaluru, as collateral to borrow $12 million.
The generated funds would help the billionaire founder pay 15,000 employees working with the company's parent firm, Think & Learn Pvt, added the report.
The organisation is facing a spate of challenges, from investors slashing the company's valuation to its board members resigning.
Byju's receives notice from ED
Earlier, the firm had received a notice from India's federal financial crime-fighting agency over allegedly violating India's foreign exchange laws.
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The company was also expected to pay a nominal fine.
The Enforcement Directorate (ED) released a statement saying that the firm violated India's Foreign Exchange Management Act (FEMA) norms by delaying the filing of documents against the foreign investment of about 80 billion Indian rupees ($960.30 million) and failing to allot shares against these.
"The company has, however, filed requisite intimation contemporaneously for all FDI which is received in accordance with the eligibility criteria in law and not affected by the alleged non-filing of APR," the firm said on the ED notice.
Byju's responded to the accusations by saying that the queries presented in the show cause notice by ED are "solely technical in nature," and based on precedents, it expects fines, if any, will be nominal.
The company said it "maintains and will continue to maintain adherence to all relevant FEMA regulations".
"This is being clarified to the company is advised that the delayed filing of APR (particularly when returns in relation to receipt of FDI have been filed in time) is a technical issue and the Company is confident of successfully dealing with the case."
"Based on precedent actions by the Adjudicating Authority, we anticipate that the fines, if any, will be nominal," Byju's said.
(With inputs from agencies)