Court orders BCCL to deposit about 48 crore in workmen regularisation case
BHARATCOAL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Bharat Coking Coal must deposit about Rs 39.83 crore with the Jharkhand High Court Registrar as arrears for 75 workmen whose regularisation as Category-I General Mazdoors was directed by a 2000 Industrial Tribunal Award. The Supreme Court had already dismissed the company's petitions challenging the award. A contempt case was filed for non-compliance and the High Court has now directed the deposit. Total financial exposure is assessed at about Rs 48.11 crore once all remaining claims are finalised.
Negative - company faces about Rs 48 crore liability from court order, which may weigh on earnings in the relevant quarter.