India, March 31 -- M3M India has responded to allegations of unpaid salaries at Kult, the tech-beauty platform into which it has invested millions last year. In a statement to HT.com, the company said it had backed the venture in good faith and was not involved in its day-to-day operations, placing responsibility for salaries and financial management on the founders and CEO.

Earlier this week, several employees of Mumbai-headquartered Kult took to social media to allege that their salaries have not been paid for four months.

In an Instagram post shared on Kult's official page - which has since been deleted - employees publicly appealed to CEO Karishma Singh and investor M3M to clear their pending dues.

(Also read: Kult employees plead ...