After EPFO probe into delayed PF payments, Edtech Byju's clears 97% dues: Report

Edtech startup Byju's has cleared nearly 97% of the dues of the provident fund it carried after EPFO investigated the company over delayed payment, reported Moneycontrol.

As per the report, Byju’s, in a mail sent to the EPFO on June 27, said that the company has deposited PF dues for the period between August 2022 and May 2023 worth Rs 123.1 crore. The balance amount of Rs 3.43 crore would be deposited within the next two days.

“This is to confirm Byju’s has no pending PF dues. The complete amount visible on the PF portal has been paid. Please note that if there is any amount that's not reflecting on the portal, the same is because of technical or authentication issues. This should not be construed as the company's pending dues,” said Zulfiquar Memon, MZM Legal, legal representative of Byju’s told Moneycontrol.

This comes days after reports of the company delaying PF payment for most of its employees in FY24 emerged. The EPFO's data also suggested that the Byju's parent company Think & Learn Pvt Ltd has not paid the PF money for most of its employees in FY24. While for April, the PF contribution for 3,164 employees was paid after a delay of 36 days, only 31 employees’ accounts received the payment for May. Byju's has assured that the PF contribution for June will be paid by 15th July.

The delay in payment came into light a week after three of Byju's board members including those representing Peak XV Partners, Prosus, and Chan Zuckerberg resigned following which its auditor Deloitte also resigned.