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BRIEF-HMT Ltd says 894 employees relieved after closure of units
December 12, 2016 / 11:34 AM / a year ago

BRIEF-HMT Ltd says 894 employees relieved after closure of units

Dec 12 (Reuters) - Hmt Ltd :

* 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.

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