Remsons Industries announces VRS at Daman Unit No 2

Remsons Industries Ltd has announced that the Company introduced a Voluntary Retirement Scheme (VRS 2006) for the employees working at its Daman Unit No. 2. This Unit was earlier a part of Daman Auto Industries Ltd, which has recently been merged with the Company.

All the 163 workers and staff members working in the aforesaid unit accepted the VRS and offered their resignations, which were duly accepted. Payment in full & final settlement of their dues including the payment for leave encashment, gratuity and other retirement benefits and also the additional payment under VRS, thus making a total payment of Rs 120 lacs (approx.) was made to them on November 04, 2006.

Board of Directors, in its meeting held on October 31, 2006 had unanimously approved the Voluntary Retirement Scheme.

The VRS 2006 will generate a saving of Rs 70 lacs (approx) per annum under the head salaries and wages. Full impact of the scheme will, however be reflected in the financial results of the Company for the year ending March 31, 2008.

Source : Equity Bulls

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