Workmen demand company shares at discounted prices

Bajaj Auto, on Tuesday, said workmen at its Chakan plant had ‘stopped coming’ to work, thereby, affecting production following the management’s refusal to allot them shares at a discounted price.

The company said the workers had earlier given a notice for a stoppage of work at the plant from the morning shift of June 28.

“The workmen have, however, stopped coming to the Chakan plant from June 25 itself, without assigning any reason for this stoppage,” BAL said in a filing to the Bombay Stock Exchange.

The company said it had earlier received a notice from the workmen’s union of its Chakan plant — Vishwa Kalyan Kamgar Sanghatana — stating that they proposed to call for a stoppage of work by all workmen employed in the Chakan plant from the morning shift of June 28.

The reason for the strike was “that management had refused to concede their demand that all the workmen working in Bajaj Auto should each be given an option to subscribe to 500 equity shares of the company at a discounted price of Re 1 per share,” it added.

Representatives of the union could not be reached immediately.

As on March 31, 2013, the Chakan plant of the company has an annual capacity to produce 1.2 million units of motorcycles.

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