Brief: HMT Ltd says 894 employees relieved after closure of units

HMT

12/12/2016 11:27

Dec 12 (Reuters) - Hmt Ltd  HMTL.NS : 
    * Clarifies on news item "HC stays order on closure of HMT 
factory" 
    * Altogether 894 employees were relieved out of 1040 
employees except 146 employees of Ranibagh unit 
 
Source text:  
    The Exchange had sought clarification from the Company with 
respect to recent news item captioned HC stays order on closure 
of HMT factory. The response from the Company is "HMT Ltd is 
Government Company under the Ministry of Heavy Industries & 
Public Enterprises of Govt of India. The Cabinet Committee on 
Economic Affairs (CCEA) in its meeting held on January 6, 2016 
has considered and approved the Closure HMT Watches Limited, HMT 
Chinar Watches Limited and HMT Bearings Limited the Subsidiaries 
of the Company and to relieve all the employees of these 
Companies in terms of approved Roadmap for CPSEs under DHI. DHI 
vide their letter No. I- 050II/6/2014-PE-X dated January 13, 
2016 have requested to take appropriate action and process the 
closure of the Company by offering attractive VRS package at 
2007 notional pay scales with gratuity and leave encashment also 
at 2007 notional pay scales, in relaxation of DPE guidelines to 
the employees of HMT Watches Limited, HMT Chinar Watches Limited 
and HMT Bearings Limited. As such VRS was introduced in these 
subsidiary companies and all the employees of HMT Bearings, HMT 
Chinar Watches Limited along with the employees of HMT WF 
Bangalore and Tumkur were relieved. All together 894 employees 
were relieved out of 1040 employees except 146 employees of 
Ranibagh Unit. The matter with regard to retrenchment of 
employees was taken up with the Labour Ministry and Order was 
passed by the Labour Ministry on November 17, 2016.  
         
Further company coverage:  HMTL.NS  
 
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