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Byju's likely to miss March 10 salary deadline for 20,000 employees as funds remain stuck

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New Delhi, March 9 (IANS) Embattled edtech company Byju’s is likely to miss the March 10 deadline to pay salaries for the month of February to its more than 20,000 employees as funds raised via its rights issue remain stuck.

The Bengaluru bench of National Company Law Tribunal (NCLT) had directed Byju’s that the proceeds from the rights issue (which is about $250-$300 million) is to be kept in a separate account till the disposal of the case with investors.

According to sources, the company appears not in a position to pay the salaries due to the status quo, as banks also remain closed over the weekend.

The company did not immediately comment on the development.

Earlier this month, the company’s founder and CEO Byju Raveendran told employees that “We are striving to ensure that your salaries are paid by March 10. We shall make these payments the moment we are permitted to do so as per law.”

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In a letter to the staff, Raveendran said that the rights issue has been successfully closed.

“However, I regret to inform you that we will still be unable to process your salaries. Last month, we faced challenges due to a lack of capital, and now we are experiencing a delay despite having funds,” he told more than 20,000 employees.

Raveendran further said that a select few investors have “stooped to a heartless level, ensuring that we are unable to utilise the funds raised to pay your hard-earned salaries”.

Meanwhile, the edtech company said that no funds have been siphoned off and around $533 million are currently in a 100 per cent non-US subsidiary of the company.

–IANS

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Haryana to introduce smart classrooms in 1,000 more primary schools: Chief Secy

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Chandigarh, July 5 (IANS) To revolutionise education through technology and elevate learning outcomes for children, the Haryana government has decided to introduce smart classrooms in an additional 1,000 government primary schools under the SAMPARK programme, Chief Secretary T.V.S.N. Prasad said on Friday.

In a virtual conference with all the Deputy Commissioners, he said over 6,600 primary schools in Haryana currently benefit from smart classrooms, and this expansion aims to further integrate innovative educational technologies into the primary education system.

Prasad expressed enthusiasm for the initiative, emphasising the state’s commitment to enhancing foundational learning. He highlighted the introduction of smart classrooms marks a significant stride towards providing students with a better education experience.

He also underscored the collaborative effort with the SAMPARK Foundation to achieve a technologically advanced and inclusive education system, directing all Deputy Commissioners to oversee the effective implementation of the SAMPARK programme in their respective districts.

Additional Chief Secretary, School Education, Vineet Garg said the introduction of smart classrooms has already led to a 35 to 40 per cent increase in learning outcomes and micro competencies among students in primary schools. He highlighted the SAMPARK Foundation’s role in providing extensive training to teachers, equipping them with the necessary skills to effectively utilize new technologies.

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SAMPARK Foundation President K. Rajeshwar Rao lauded Haryana for becoming the first state in the country in the effective implementation of the NIPUN Bharat Programme. The foundation currently covers 1.25 lakh government schools across eight states.

–IANS

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Centre notifies new Telecommunications Act provisions, focuses on spectrum utilisation

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New Delhi, July 7 (IANS) The government on Friday notified another set of sections of the Telecommunications Act 2023, that came into effect with immediate effect.

One major aspect that is being covered in the latest notification is the focus of the Central government on increasing efficiency in spectrum utilisation and various modes of achieving the same like secondary assignment, sharing/trading etc, the Ministry of Communications said in a statement.

The government issued a notification for enforcing Sections 6-8, 48 and 59(b) of the Telecommunications Act. 2023 with immediate effect. The salient features of the sections that have been brought into force include optimal utilisation of spectrum.

“The Act provides a legal framework for efficient utilisation of scarce spectrum through processes such as secondary assignment, sharing, trading, leasing and surrender of spectrum,” the ministry said.

It also enables the utilisation of spectrum in a flexible, liberalised and technologically neutral manner, along with empowering the government to establish an enforcement and monitoring mechanism for the purpose.

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The Act also prescribes, with immediate effect, the use of any equipment which blocks telecommunication, unless permitted by the government.

The Telecommunication Act 2023 aims to amend and consolidate the law relating to the development, expansion and operation of telecommunication services and telecommunication networks; assignment of spectrum; and for matters connected therewith. “The Telecommunication Act 2023 also seeks to repeal existing legislative frameworks like Indian Telegraph Act 1885 and Indian Wireless Telegraph Act 1933 owing to huge technical advancements in the telecom sector and technologies,” said the ministry.

–IANS

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European Commission asks Amazon to furnish details over recommender algorithms, ads transparency

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London, July 5 (IANS) The European Commission on Friday sent e-commerce giant Amazon a request for information (RFI) under the Digital Services Act (DSA).

It has asked the Jeff Bezos-founded behemoth to provide more information on the measures the platform has taken to comply with the DSA obligations related to the transparency of recommender systems and their parameters, as well as to the provisions on maintaining an ad repository and its risk assessment report.

In particular, the tech giant is asked to provide detailed information on its compliance with the provisions “concerning transparency of the recommender systems, the input factors, features, signals, information and metadata applied for such systems and options offered to users to opt out of being profiled for the recommender systems”.

The company also has to provide more information on the design, development, deployment, testing and maintenance of the online interface of Amazon Store’s Ad Library and supporting documents regarding its risk assessment report.

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“Amazon must provide the requested information by July 26, 2024. Based on the assessment of the replies, the Commission will assess the next steps. This could entail the formal opening of proceedings pursuant to Article 66 of the DSA,” the Commission said. Moreover, it mentioned that it can impose fines for incorrect, incomplete, or misleading information in response to RFIs under Article 74 (2) of the DSA.

In case of failure to reply, the Commission may issue a formal request by decision. “In this case, failure to reply by the deadline could lead to the imposition of periodic penalty payments,” it stated.

–IANS

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Water and Sanitation Dept joins campaign against diarrhoea

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New Delhi, July 5 (IANS) The Department of Drinking Water and Sanitation (DDWS), under the Ministry of Jal Shakti, on Friday joined hands with the Health Ministry’s National STOP Diarrhoea Campaign 2024.

The Ministry of Jal Shakti said that a joint “effort will contribute to the National STOP Diarrhoea Campaign’s goal of reducing childhood mortality due to diarrhoea and improving overall public health in rural India.

It will also “advocate sustaining and achieving the Open Defecation Free Plus Model status in all villages in India towards a Sampoorna Swasth & Swachh Bharat”.

“The synergy between the rural sanitation mission and the National STOP Diarrhoea Campaign underscores our unwavering dedication to public health,” said C.R. Paatil, Union Minister of Jal Shakti.

He added that the concerted efforts will help “reduce childhood mortality and also foster a culture of health and hygiene across rural India”.

Launched on June 24, the two-month-long National STOP Diarrhoea campaign aims to attain zero deaths in kids under 5 due to diarrhoea — the third leading cause of childhood mortality in India.

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Its key focus areas include strengthening health infrastructure by ensuring the maintenance of health facilities and the availability of essential medical supplies (ORS, Zinc), especially in rural areas.

It also aims to improve access to clean water and sanitation; enhance nutritional programmes to tackle malnutrition; and promote hygiene education.

Complementing this initiative, DDWS also launched an awareness campaign on ‘Safe Water and Sanitation’ in rural areas from July 1 to August 31. The campaign ‘Swachh Gaon, Shudh Jal- Behtar Kal’ is designed to raise awareness and promote the use of safe water and sanitation practices at the village and panchayat levels.

–IANS

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ACESO launches 'ALIP' to secure continuity of life coverage benefits for LIC policyholders

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New Delhi, July 5 (IANS) ACESO, a leader in providing new solutions for insurance policyholders, on Friday introduced ALIP (Assignment of Life Insurance Policies), specifically for LIC policyholders who are considering surrendering their policies or facing lapses.

ALIP offers a way for policyholders to receive the Surrender Value of their endowment insurance policies while keeping their life cover benefits intact.

Founder of ACESO Ketan Mehta, highlighted that LIC’s endowment policies constitute a significant portion of its yearly issuances, but many policies (about 5 per cent) don’t reach maturity due to surrenders or lapses.

“ALIP addresses this by offering an alternative to surrendering policies prematurely, allowing policyholders to access their policy’s value while safeguarding their future life coverage,” he mentioned.

ALIP ensures that policyholders get the exact surrender value as determined by the LIC of India. Beyond this, ALIP outlines year-by-year life coverage benefits from the assignment date to the Maturity Date for nominees, ensuring continued financial protection if the policyholder passes away, without needing to pay further premiums.

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This service is managed by an independent SPV Trust overseen by a SEBI-registered trusteeship company.

ALIP stands out for its quick payment process, typically completing within 48 hours after all necessary documents are finalised, according to the company.

ACESO was founded in 2018 and has facilitated over Rs 400 million worth of assignments, supported by a skilled team dedicated to reshaping life insurance asset management in India.

–IANS

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