Edtech major Byju’s has rolled out a new social media policy for its employees, prohibiting them from communicating with any media outlet else “face appropriate disciplinary and legal action”, as it gears up for a massive business restructuring exercise.
According to reports, the company has sent the new social media policy, fearing that some people who didn’t have full information about what is going on within the company would leak it out to the media, harming its reputation.
“You are not allowed to speak directly with any media house or provide the company’s information, including pictures, videos and screenshots, among others,” read the new social media policy.
“Any violation of this will be taken up by the company seriously and may result in appropriate disciplinary and legal action against you,” according to the policy.
The new social media policy is a part of the company’s strategy for a major business restructuring, being undertaken by Arjun Mohan, who was recently elevated as CEO of its India business, replacing Mrinal Mohit.
Byju’s is also planning to rebrand its coding platform WhiteHat Jr as ‘Byju’s Future School’ with an expanded offline presence, according to reports.
The new developments come as the edtech major Byju’s is going to lay off 4,000-5,000 employees in a “business restructuring exercise” in the coming weeks.
“We are in the final stages of a business restructuring exercise to simplify operating structures, reduce the cost base and better cash flow management,” a company spokesperson said in a statement.
“Byju’s new India CEO, Arjun Mohan, will be completing this process in the next few weeks and will steer a revamped and sustainable operation ahead,” the spokesperson added.
The rejig at the top level came as Byju’s is mulling to sell at least two of its subsidiaries, Epic and Great Learning, to raise between $800 million and $1 billion, amid reports that the company has formulated a proposal to repay its outstanding $1.2 billion Term Loan B (TLB).