NCLT asks Byju’s to pay pending salaries or face audit

The cash-strapped edtech firm has said its payment troubles are due to its funds from a recent rights issue being locked away.

Cash-strapped edtech firm Byju’s has been given an ultimatum by the National Company Law Tribunal (NCLT) to pay its employees or face an audit by the Institute of Chartered Accountants of India, Moneycontrol reported on Thursday. 

“You are a company that is functioning. Surely you should be having revenues,” the Bengaluru bench of the tribunal reportedly told the firm while hearing a plea by employees who sought full payment of their February and March salaries.

As explanation, Byju’s offered that the salary delays were because it was unable to access funds raised from its rights issue in February. In January, …