Endurance Technologies update on closure of Manesar plant & compensation to workmen

Endurance Technologies announced that as per the directions of the Hon'ble High Court, the Company renegotiated on 23 January, 2019 the compensation to its eligible permanent workmen under the supervision of Assistant Labour Commissioner, Gurugram. This settlement with the workmen union was submitted to the Hon'ble High Court at the hearing on 11 February, 2019. In terms of this settlement, the workmen union and its members have, jointly and severally, completed the process of withdrawing all cases filed against the Company and its officials, as per the Order of Hon'ble High Court.

Consequent to this, the Company has paid the agreed compensation to eligible workmen who were on the rolls of the plant. This compensation aggregates to Rs. 16.96 crore over and above the amount of Rs. 3.83 crore paid as full and final settlement to workmen under the provision of Industrial Disputes Act, 1947.

The closure of the Company's manufacturing plant at Manesar is likely to yield long term benefits and will not result in any loss of revenue. The Company will continue to effectively cater to all its OEM customers in that region.

Powered by Capital Market - Live News