HMT LTD. - Clarification from HMT Ltd
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| 23 Sep 2014 | |
| The Exchange had sought clarification from HMT Ltd with respect to the media report titled "HMT watches may stop ticking soon" appearing in Business Standard on September 12, 2014.<br/><br/>HMT Ltd replied as under:<br/><br/>"As regards the newspaper advertisements we do not have any details either on the source of their information or its authenticity.<br/><br/>However, in this regard, we would like to inform you that HMT Watches Limited, a wholly owned Subsidiary of HMT Limited, is an unlisted Company. The Company has been incurring cash losses since last 15 years as can be seen in our Annual Reports submitted to you and other stakeholders from time to time. The Company is on budgetary support for payment of Salaries and Statutory Dues since for over the past 10 years. The present Manpower of the Company is 1045 with an Annual wage bill of around Rs. 45 Crores.<br/><br/>In view of the above and with the aim of reducing recurring costs, the Ministry had directed the company to formulate an attractive VR / VS Scheme to its employees in discussions with the employees' union/association. A scheme for downsizing of manpower has been prepared based on the direction of DHI, and after due approval of the Board and has been submitted to the Government for its examination and necessary action." | |
| View all announcements for HMT LTD. | Source: BSE India |
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