Legal8 Jul 2026, 04:41 pm
Bombay Wire Ropes: Developer to bear compensation liability from labour union award
AI Summary
Bombay Wire Ropes Ltd has received an order and an award from a labour union concerning compensation payments. The Industrial Court and Industrial Tribunal have directed the company to pay compensation for periods related to an illegal lockout and unjustified factory closure. However, the company states that the entire financial liability will be borne by a Developer as per Consent Terms filed with the Bombay High Court in 2012. Consequently, there is expected to be no impact on the company's operations or financial position. The disclosure is made as a matter of abundant precaution.
Key Highlights
- Labour union issues order and award for compensation payments.
- Developer to bear all financial repercussions as per court consent terms.
- No expected impact on company's operations or financial position.
- Disclosure made as a matter of abundant precaution.
Price Impact
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