Announced Mon, 22 Jun · 17:46 IST
Gujarat HC orders Timken India to pay back wages to ex-employee
TIMKEN · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Price reaction · full curve 14 horizons · vs prior close
-0.9%1-day move
₹3783.70
prior close
₹3789.00
base price
After-mkt
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AI summary
The Gujarat High Court upheld a Labour Court order in a case involving Timken India (via amalgamated Antifriction Bearings Corporation). An employee terminated in 1995 was awarded reinstatement. Court ordered the company to pay regular wages from January 2005 till superannuation, plus 65% back wages for 1995-2005. Amount due within 6 weeks. Company plans to appeal. Financial impact is being determined.
Likely market impact
Company faces a financial liability from a lost labor case. Exact payout is not yet known. Likely to appeal. Impact is expected to be small for a listed company of this size.