Industrial gear manufacturer, Shanthi Gears Ltd (SGL) has declared a lockout in all its units from 6 p.m. on Monday. The company has done so for the safety of the properties of the company and for the safety of the employees. Shanthi Gears was in the process of revamping and restructuring the entire operational and organisational structure, which might lead to slowdown in production in all units for a short tenure.
Earlier, it had planned to rationalise manufacturing facilities by bringing down the number of production facilities from six units to two units. It believed that such a move would help cut down cost and increase productivity.
Though the source had claimed then that there were no plans to cut the size of the workforce, there were reports of employee down sizing which created tension among the workers. There had been reports of company promoters planning to divest part of their stake, though this has been denied. The promoter and the promoter group hold 44.70 per cent stake in the equity capital of the company of Rs 8.17 crore.
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