Byju's has made up a shortfall in payments to a national pension fund, a lawyer representing the company, which is battling a U.S. lawsuit over a $1.2 billion loan, told Reuters on Tuesday.

The comments from Zulfiquar Memon of MZM Legal came after labour ministry sources told Reuters that India's Employees Provident Fund Organisation (EPFO) had identified a shortfall in payments from Byju's for August 2022 to May this year.

The sources said Byju's had deposited ₹123 crore following a directive issued by the EPFO, and that the remaining balance of ₹3,430 crore would be deposited within a couple of days.

Also read: Byju’s needs to reboot, learn from its mistakes

Memon did not give details of the sums involved, saying only: "There are no pending provident fund dues. The complete amount due has been paid."

"If there is any amount that's not reflecting, it's due to technical or authentication issues."

Once India's most valuable start-up, Byju's has seen its valuation plunge, with the dispute over the loan coming weeks after India's financial crime fighting agency raided the company over suspected violations of foreign exchange laws.

Also read: Prosus cuts Byju’s valuation by 15%

Last week, three global investors at the company said their representatives had resigned from Byju's board, while Deloitte said it was resigning as the company's auditor because it had not received financial statements for 2021-22.

Byju's, whose products range from online tutorials for children to offline coaching for aspiring engineers, rose to prominence during the pandemic as locked-down students flocked to its apps.

Related Topics
comment COMMENT NOW