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| Exchange Disseminated Time | Archidply Industries Ltd has informed BSE about settlement of Labour Dispute.
"The Company for its Mysore Unit has amicably settled the labour dispute and memorandum of settlement has been executed between the labour & management.
Further, the Company has decided not to resume manufacturing operations at its Mysore Unit. Mysore unit of the Company was established in 1962 in the outskirts of the Mysore, which has now after development of the city limits was functioning in a Residential area where the operations were mostly of residential activities and no manufacturing was done by anyone, except this unit.
During the previous Financial Year, the decision was taken for shifting of the manufacturing facilities from this factory to Chintamani and proposes to develop this Mysore property as real estate of suitable nature as may be decided by the Board of Directors, wherein the realization is much better than continuing the business activity.
Further, the Chintamani Unit has now been fully installed & commissioned for production." |
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