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

  • One is not sure how much Sinha will be remembered for protecting investor interest

    In his exit interview, Sebi chairman UK Sinha has stated that the regulator has been justly “harsh” with those threatening the integrity of the ca

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Sandeep Bamzai

Disequilibrium: Pawn to king four

Sir Conrad Corfield, heavy hitter of the British Political Department ...

Susan Visvanathan

The problem called JNU

Reservation is a word that some administrators and intellectuals find ...

Rajgopal Nidamboor

Stay in harmony with nature

It’s a fact of contemporary life that you ...