Source | www.businessworld.in | BW Online Bureau
Atlas Cycles, on Wednesday, announced that the company is not in a position to resume manufacturing operations due to financial constraints and hence the employees of Sahibabad unit are being laid off from June 3.
As per the statement, the company doesn’t have money for daily expenses & buying raw materials. Hence, it has not paid May salaries as well.
Hence, the workforce of the Unit will be laid off with effect from June 3, 2020, till adequate arrangement of funds is made,” the company said in an official letter.
The conclusion of Sahibabad unit of Atlas Cycles has prompted immense disturbance in the life of labourers utilized at this unit. Around 400 specialists are straightforwardly reliant on organization’s tasks while 300 more are in a roundabout way profiting by it. Altogether, 700 lives will be influenced by this shutdown.