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Friday, Dec 27, 2002

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Mukand to stop taking fresh orders

Our Bureau

MUMBAI, Dec. 26

MUKAND Ltd has informed BSE that in view of the depressed business conditions in the machine tools sector, the machine tools division executed only the orders on hand and had stopped booking further business for the division.

Most of the workmen at Ballabgarh accepted over a period of time the payments offered to them under the voluntary retirement scheme notified by the company, leaving only three workmen and one supervisor who continued to be in service.

The company has issued a notice of closure on December 18 for the closure of company's machine tools division at Ballabgarh.

The division is closed irrevocably and permanently from the close of working hours on December 18.

The closure is deigned to reduce the losses suffered by it on account of the unviability of the operations at Ballabgarh.

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