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Yashraj Containeurs Ltd announces closure of units

Friday, 13 Jun 2014 02:43am EDT 

Yashraj Containeurs Ltd:Says at present it has been operating from five locations, Daman, Howrah - Kolkata, Rai- Sonipet, Chennai and Visakhapatnam.Government of India issued Government Notification in March 2012, reserving 100 pct procurement of Barrels & drums by Public Sector Companies exclusively from SSI Sectqr only.Due to change in government policy, and considering total investments in plant and machinery taken together for all units exceeding 50 mln Indian rupees outer limits.Says companies SSI Registration of Visakhapatnam, Chennai, Howrah - Kolkatta and Rai- Sonipat were cancelled by respective GM-DIC of those locations.Says copies of the relevant orders issued are enclosed for your ready reference.Due to the change in policy of the Govt. the said four units depending solely on orders from public sector oil companies has no further business coming from the companies namely Bharat Petroleum Corporation Ltd., Indian Oil Corporation Ltd., Hindustran Petroleum Corporation Ltd., etc.Under the circumstances the company had no other option than initiating action for closure of the units by settling the dues of the employees.Says it has already closed the operations at Visakhapatnam, Chennai and Howrah has settled the dues.Says in the process of closing the operations at Rai-Sonipet.Says operations at Daman Unit will continue. 

Company Quote

-0.23 -4.84%
5:07am EDT