Hindustan Motors seeks more time for revival plan roadmap

Tags: News
Beleaguered Hindustan Motors Limited (HM) has sought more time from the West Bengal government for preparation of a revival plan as sought by it.

"We have not been able to submit the revival plan as sought by the state labour department today as been told to," a source in HM told PTI.

In the last tripartite held day before yesterday, the government had asked the representing HM management to submit a revival plan and a schedule for payment of wage arrears.

The source said the HM management had apprised the government of various concrete steps initiated giving the existing state of circumstances which has made the present operational structure at Uttarpara unviable.

"The company is committed to pay off all the back wages as soon as possible as it has the fund from the sell of assets," the source said.

"The existing situation continues to be stark and restructuring exercise is necessary to evaluate all the options of the organisation," the source added.

The company has requested for a suitable time-frame within which it could be done to reduce the liability before deciding on the next step and till such time would continue to be engaged in dialogue with the state government.

The Uttarpara plant, which manufactured the iconic Ambassador cars, was put under suspension of work on May 24 citing severe cash crunch.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Those willfully defaulting on loans should be blacklisted by Sebi

    As reported by this newspaper’s Monday edition, the Securities and Exchange Board of India (Sebi) has found merit in the Reserve Bank of India’s s

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Kumar Jain

Kickstarting technological innovation

One of the key dimensions of global competitiveness is the ...

Kuruvilla Pandikattu SJ

Developing moral, spiritual capacity

Writing in The Huffington Post, Noam Chomsky, professor emeritus, MIT ...

Gautam Gupta

Manufacturing must keep workers’ welfare in mind

It may be early days yet, but the labour reforms ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture