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.

EDITORIAL OF THE DAY

  • The ‘new-collar’ jobs will make their presence felt as AI spreads

    For second year in a row, global elite has talked about artificial intelligence (AI), which is bound to disrupt our lives in near future.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Sandeep Bamzai

Disequilibrium: The cleansing & the yearning

As Twitter trolls went about their ugly business against Zaira ...

BK Chaturvedi

The politics of election

Elections in five states have been announced by the election ...

Rajgopal Nidamboor

Of life’s essentiality and synchrony

It is no big deal to think of psychology as ...