Shree Rama Newsprint lays off employees after paper division closure

The company on August 8 had informed that it has been issued closure order dated June 25, 2020 by Gujarat Pollution Control Board due to fire on June 6.

Aug 14, 2020 06:08 IST India Infoline News Service

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Surat based Shree Rama Newsprint Limited informed the exchanges on Thursday that the company has declared "lay off" of its employees from August 14, 2020, under section 25 (m) of industrial Disputes Act 1947.

The company formerly known as Rama Newsprint and Papers Limited, on August 8, 2020, had informed exchanges that it has been issued closure order dated June 25, 2020 by Gujarat Pollution Control Board (GPCB) for its paper division due to fire on June 6, 2020 at bunker of stand by boiler alleging damage to environment.

“The company has requested vide its various letters for revocation of the order stating that no damage to environment was caused by such flash fire of 30 seconds. Pending decision by GPCB on revocation of the said order, which is expected shortly, the company has closed its all operations in the paper division from August 8, 2020,” the company had said last week.

The Exchange has sought clarification from Shree Rama Newsprint Limited with respect to announcement dated August 8, 2020, regarding closure of operations of paper division of the company.

Shree Rama Newsprint Ltd is currently trading at Rs15.75 up by Rs0.15 or 0.96% from its previous closing of Rs15.60 on the BSE.

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