Byju's is seeking approximately 600 crore rupees, with the BCCI having an outstanding balance of....

Byju's is seeking approximately 600 crore rupees, with the BCCI having an outstanding balance of 158 crore rupees.

Byju's parent company, Think and Learn Private Limited, is set to organize its 11th annual general meeting on December 20. This comes as the company grapples with significant financial challenges and is confronted with various issues.

The appointment of MSK Associates as legal auditors for the company will be considered and approved in the meeting. Byju's founder and CEO, Byju Raveendran, reportedly called for an essential meeting on Tuesday amid a delicate financial situation, discussing the struggle to pay employee salaries within the company.

The company requires approximately 600 crore rupees.

According to sources, Byju's needs at least 500-600 crore rupees to settle dues with the Income Tax Department, the Board of Control for Cricket in India (BCCI), employees, and vendors. The BCCI has filed a case against Byju's parent company, Think and Learn, in the National Company Law Tribunal (NCLT).

The outstanding amount of 158 crore rupees has not been cleared by the BCCI.

The BCCI has claimed that the edtech company has not made a payment of 158 crore rupees. The NCLT has granted Byju's a two-week period to respond to the allegations, and subsequently, an additional week has been given to the BCCI to submit a counter-response.

Ravindran has mortgaged his house to pay salaries.

Amidst a cash crisis, Ravindran has reportedly mortgaged his home and another family-owned property to raise funds for paying employees. According to sources cited by Bloomberg, two properties in Bangalore, owned by Ravindran's family, and an under-construction villa in the city have been mortgaged to secure a loan of $120 million for paying salaries to the employees of his primary company, Think and Learn Private Limited. The report states, "The startup utilized funds to pay salaries to 15,000 employees in Byju's primary company." On Monday, Byju's cleared pending salaries for nearly a thousand employees.