Samvardhana Motherson International Limited has submitted with the Stock Exchanges regarding disclosure under regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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Samvardhana Motherson has submitted a clarification to the stock exchanges regarding labour protests in Noida (Uttar Pradesh) and some other cities. The company attributes the protests to misinformation being spread about wage revisions. Motherson states its operations remain compliant with all applicable laws and that there is no material impact on the company. The company says the safety of employees remains the top priority and that authorities are working with industry to bring things back to normal. This disclosure is made under Regulation 30 of SEBI (LODR) Regulations, 2015.
The company has attempted to reassure investors by downplaying the impact of labour protests, stating no material impact on operations. This clarification is likely aimed at preventing any negative stock reaction from media reports about worker unrest.