Byju’s, an edtech startup that lost its auditor last week, has been postponing provident fund (PF) payments to numerous employees for nearly six months. According to former employees interviewed by this publication, the company last made PF contributions in November, and a few revealed their PF passbooks, which showed payment only until November 2022.
On the condition of anonymity, a former employee stated that the company granted several employees only one month’s salary as severance instead of two months, and that they are having difficulty finding another job. According to company sources, all payments have been made and there is a reflection issue. “This is to confirm that there are no pending PF payments towards employees,” claimed a Byju’s source . There are no charges, they added.
According to sources, the corporation will file its FY22 financials in September and FY23 results in December. According to sources, the edtech firm’s founder, Byju Raveendran, has addressed many shareholders’ worries regarding the company’s financials. Due to the delay in publishing FY22 financial reports, the company’s auditor Deloitte Haskins & Sells resigned with immediate effect last week, and Byju’s announced the appointment of BDO (MSKA & Associates) as statutory auditors for the year beginning in FY22 and continuing for the next five years.
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