Industrial Tribunal stays intended closure of Hind Rectifiers Ltd's Bhandup plant

Hind Rectifiers Ltd had earlier announced closing of the manufacturing operations at Bhandup, the Notice of intended closure was issued to the workers working at the Bhandup plant, its registered Trade Union and the appropriate authorities in compliance with applicable laws.

The Company was notified through the Assistant Labour Commissioner's office and the Company was called for conciliation proceedings. In spite of ongoing conciliation proceedings, the Unionized Workmen through Trade Union filed a complaint before the Industrial tribunal seeking interim relief and stay on the intended closure. The Industrial tribunal passed an Interim order and imposed a stay on the intended closure of the manufacturing operations at Bhandup, thereby restraining the Company from closing its manufacturing operations at Bhandup. Aggrieved by the arbitrary order of the Industrial Tribunal, the Company has filed a writ petition challenging the impugned Interim order of the Industrial Tribunal and the same is pending before the Hon'ble Bombay High Court.

Shares of Hind Rectifiers Limited was last trading in BSE at Rs. 290.30 as compared to the previous close of Rs. 288.00. The total number of shares traded during the day was 1669 in over 30 trades.

The stock hit an intraday high of Rs. 297.00 and intraday low of 274.05. The net turnover during the day was Rs. 479327.00.

Source : Equity Bulls

Keywords

HindRectifiers INE835D01023 HIRECT BhandupPlant StayOrder IndustrialTribunal