Financial Daily from THE HINDU group of publications
Tuesday, Oct 05, 2004
Financial Daily from THE HINDU group of publications Tuesday, Oct 05, 2004 |
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Corporate
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Corporate Disputes Gaziabad unit blast: Bhushan Steel to move court against scrap suppliers Our Bureau
New Delhi , Oct. 4 BHUSHAN Steel & Strips Ltd has decided to take legal action against Mumbai-based Metco Marketing and Lucky Metal of Dubai for supplying scrap containing explosives that resulted in a blast last Thursday at its Gaziabad factory. "The company has decided to take legal action against Metco and Lucky Metals for breach of contract in supply of heavy metal scrap containing explosives," Bhushan Steel said in a statement. Following the blast, Bhushan Steel has rejected the contracted lot with Lucky Metal and has asked them to take charge of any scrap that may be lying at the inland container depot (ICD) yard in Delhi or that matter, which may be in transit. The scrap was shipped from Iran's Bundar Abbas port to ICD Delhi via Mundra port in Gujarat. The Executive Director of Bhushan Steel, Mr A.K. Khushu, stated that the company has decided to stop import of heavy metal scrap to avoid any similar incidents in future. Expressing deep regret at the death of its workers, the company has disbursed an ex-gratia of Rs 1.5 lakh to the next kin of the deceased and Rs 25,000 to the injured.
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