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| Exchange Disseminated Time | Oil Country Tubular Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 11, 2014, has transacted the following:
1. The Board reviewed the operations and noted that the workers struck work illegally in a concerted manner without any notice or reasonable cause resulting in disruption in the operations of the Company.
2. Partial operations are continuing with the Engineers and Staff. The Board put on record its appreciation for the unstinted support of the Engineers and the Staff.
3. The Board noted the levy of the Liquidated Damages by the Customers due to the delay in the supplies on account of the work struck illegally by the Workmen which has an impact on the performance and the profitability during the year. Under the circumstances, the Company is cautious in accepting orders from the Customers as the orders are predominantly delivery bound.
- The Board discussed the prevailing power and other operational factors and decided that the Company should look at options to relocate certain facilities which can immediately go into operations in a short period, keeping in view the future expansions and the availability of power, water and infrastructure in close proximity to the Sea Ports. |
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