Intimation under Regulation 30 of SEBI (LODR) 2015 with respect to order passed by Industrial Tribunal.
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Awaiting price reaction for this filing.
The Industrial Court in Indore ruled in favour of two worker unions (Kamgar Sangh PBM and Sangharsh Karmgar Sangh) that had filed a case seeking wage revision at the company's BLP Super Spinners unit. The estimated contingent liability from the order is around Rs. 1.50 Crores. Against this, the company had already set aside a provision of roughly Rs. 73 Lacs in earlier years. PBM Polytex is reviewing the ruling with its legal team and intends to file an appeal before the Madhya Pradesh High Court to challenge the order.
The financial hit is limited because more than half the potential liability is already provisioned, and the company is contesting the ruling on appeal. The unresolved wage dispute remains an overhang on labour relations at the BLP unit, but the amount is not large enough to materially affect operations or the stock.