Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

Chakan plant strike called off unconditionally: Bajaj Auto

Aug 13 2013, 19:35 IST
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The workers at the Chakan plant had gone on strike from June 25. The workers at the Chakan plant had gone on strike from June 25.
SummaryThe workers at the Chakan plant had gone on strike from June 25.

Bajaj Auto on Tuesday said workers at its Chakan plant have called off their nearly one-and-half- month long strike 'unconditionally' and work will resume from tomorrow.

Meanwhile, the management will consider the reinstatement of 22 suspended workmen 'objectively and sympathetically', Bajaj Auto Managing Director Rajiv Bajaj said in a statement.

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"I am very pleased that the VKKS (Vishwa Kalyan Kamgar Sanghatana) union has unconditionally called off their strike at Chakan," Bajaj said.

The workers at the Chakan plant had gone on strike from June 25. The management had claimed that they "stopped coming" to work thereby affecting production following refusal to allot them shares at discounted price. On the other hand, the workers have asked for higher wages and reinstatement of sacked colleagues.

"On behalf of the management I assure all the 22 workmen who are suspended pending enquiry that their cases will be considered objectively and sympathetically in the collective interest of all stakeholders," Bajaj added.

The union's comments could not be obtained immediately.

In a filing to the BSE, Bajaj Auto said it has received a notice from the workmen's union of its Chakan plant, VKKS that the work "stoppage has been withdrawn and all the workmen at Chakan Plant will resume their duty in their respective shifts from August 14, 2013".

The Chakan plant has an installed capacity of over 3,000 units a day. It employs over 1,500 workers.

Earlier in the day, Bajaj Auto had announced that deadline for permanent transfer of 50 per cent of production from Chakan unit to other plants at Aurangabad and Pantnagar was extended till Friday as the company was hopeful of finding a solution to end the strike in the next two days.

Bajaj Auto had earlier threatened that it would move out half of the production at Chakan to the other plants by August 12 unless the strike ended but it expired without a satisfactory result being achieved.

Bajaj Auto shares were up 2.8% today.

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