Mysuru, January 9:- Reid and Taylor Employees’ Union staged a protest on Wednesday, urging the government to protect the Reid and Taylor factory which has been reportedly incurring losses. The employees staged a protest in front of former chief minister Siddaramaiah’s residence at Ramakrishnanagar here and submitted a memorandum.
“The owners of the factory have allegedly borrowed huge sums of loans from various banks by pledging the properties of the factory and used it for other purposes instead of investing it on the factory. Though the factory has been running with profit, banks have filed complaint against the factory owners at National Company Law Tribunal (NCLT), Mumbai bench. The NCLT has appointed resolution professional (RP) for the company and they have come forward to purchase the company. But the eight companies which had come forward to purchase the company have backtracked and the employees are fearing that the company may shutdown at any moment. The employees’ union is also trying its best to protect the company.”
The management appointed by the court has not been paying proper wages to the employees and has not paid employees’ insurance and provident fund (PF) money from the past 3 months. The factory is still functioning with profit and its closure would bring 1,200 workers and 4,500 family members to the street.
The association requested Siddaramaiah to discuss the matter with Chief Minister H D Kumaraswamy in the interest of the employees and their families and save the factory from closure.
K C Channanjegowda, N G Mahadevaswamy, D N Puttaswamy, M Shivappa, T L Keshava Kumar, B Siddaraju and others were present. (HN, NGB)