14,000 Employees to WFH…
Byju’s has asked 14,000 employees to work from home as it vacated all its offices except the headquarters in Bengaluru due to the ongoing crisis.
The Profit is that except for IBC Knowledge Park in Bengaluru - where over 1,000 employees work - all other office premises across the nation have been vacated by the tech giant.
The process has been going on as the company did not renew several of its contracts for offices across cities as a way to cut costs.
However, around 300 of Byju's tuition centers, which are physical spaces where students of classes 6-10 study, will continue functioning, the report said.
Byju's has been struggling with cash-flow problems and is embroiled in a dispute with creditors over a huge loan.
"Byju's firmly declares that the resolutions passed during the recently concluded extraordinary general meeting... are invalid and ineffective," the company said in a statement.
Byju’s Raveendran has lost the support of important investors after the crises, including the resignation of auditor Deloitte over corporate governance issues and the legal fight with the US lenders.
Edited By: Arusha Farooq
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