Byju’s begins disbursing March salaries to employees after 2nd successive delay
Embattled edtech platform Byju’s finally started disbursing salaries to its thousands of employees for the month of March after arranging an alternative line of credit.
SpiceJet Airlines is set to reduce 15 per cent of its workforce by letting go about 1,400 employees as part of cost-cutting measures, recent reports said.
The move was aimed at sustaining investor interest amidst ongoing financial challenges, they said.
SpiceJet currently employs 9,000 personnel and operates approximately 30 aircraft, including eight wet-leased from foreign carriers.
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The carrier’s salary bill reportedly amounts to Rs 60 crore, precipitating the need for workforce downsizing.
Further, the reports indicate that salary payments have been overdue for several months, leaving many employees awaiting their January remuneration.
In a separate development, SpiceJet has also been making efforts to secure a fund infusion of Rs 2,200 crore. However, the investor apprehension may be impeding the capitalisation process.
Despite this, it remains optimistic about fund procurement, asserting that funding initiatives are progressing as planned, with the majority of investors onboard.
Recently, the stocks of SpiceJet witnessed fall following a proposal by a Parliamentary panel suggesting route-specific capping of airfares.
The panel recommended the establishment of a separate entity to regulate and monitor air ticket prices due to escalating concerns among customers regarding soaring airfares.
Earlier this month, SpiceJet was fined Rs 30 lakh by the Directorate General of Civil Aviation (DGCA), along with Air India, for not rostering sufficient pilots, who are trained to land on low visibility (CAT-III landings) during the fog season.
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