Ahead of US hearing, BYJU’S says it is beneficial owner of $553 million fund parked in US

New Delhi: Ahead of a US court hearing on the whereabouts of the $553 million funds BYJU’S had parked in an American investment firm, the edtech company on Sunday evening said its subsidiary in the US remains the beneficial owner of the fund.

On Saturday, BYJU’S stated that it had no money to pay salaries to employees after just-raised funds through the rights issue were locked (in a separate account) after a dispute with investors. It is not clear if Byjus is the beneficial owner of $533 million, then why it could not use them for paying salaries.