The West Bengal government has asked the Hindustan Motors management to submit a detailed revival package for its closed Uttarpara plant in the next two days.
"The management has been told to submit a revival package by June 19 and also how the company plans to clear the dues of workers," Labour Secretary Amol Roy Chowdhury told reporters after a tripartite meeting called by him. The management side was represented by its CEO Moloy Chowdhury and a senior executive of the company. All the six registered trade unions of the plant were also present at the tripartite.
In the early 1990s, the darling at Lyons Range, where the Calcutta Stock Exchange was located, was Hindustan Motors, or just Motor as the brokers called it. In the bourse where 3,400 companies were listed, Motor traded at around Rs 150. Old timers at the exchange recall the buzz surrounding the stock. Today, just a decade and a half since, the stories of both the stock exchange and Hindustan Motors are headed for an ignominious end.
At a meeting with West Bengal Labour Minister Purnendu Bose, the Hindustan Motors management on Thursday agreed to pay a part of the dues to workers by Monday. However, it didn’t provide an assurance on reopening the Uttarpara plant.
The company said it needed time to restructure the organisation and significantly reduce its liabilities. “The Hindustan Motors management has said due to huge losses incurred by the company, it was forced to shut the plant…However, they have said they have the intention to reopen the plant. We will continue our talks with the management to ensure reopening of the plant,” Bose told Business Standard.
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