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Educomp seeks to recast debt from bankers

Besides not paying PF to its employees, the Delhi-based company also defaulted on its loans and laid off staff

October 24, 2013 12:19 IST | India Infoline News Service
Education company Educomp has defaulted on provident fund remittance relating to about 15,000 employees for the first six months of current financial year, according to a media report.

Besides not paying PF to its employees, the Delhi-based company also defaulted on its loans and laid off staff.

The company has said that the default “has just been a delay brought upon by stress on the system,” and that it plans to remit all pending PF dues by next week, the report added.

Educomp has sought a debt recast from its bankers, such as the State Bank of India and Canara Bank, which is expected to take place this quarter, the report further said.

Founded in 1994, Educomp is a globally diversified education solutions provider. Educomp Group reaches out to over 34,500 schools and ~22.8 million learners and educators across the world, according to the company website.

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