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Panel to monitor divestment of WMDC stake in MSL
Our Bureau
Pune
,
July 14
A high power committee, comprising the Chief Secretary and Secretaries Finance and Industries, has been formed to monitor the sale of 27 per cent stake of Western Maharashtra Development Corporation (WMDC) in Maharashtra Scooters Ltd. "It has been quite an old decision of the Government to disinvest 27 per cent stake of Maharashtra Scooters and a policy decision has already been taken," Mr R.N. Joshi, Managing Director, WMDC, said at the annual general meeting of shareholders of Maharashtra Scooters.Mr Rahul Bajaj, Chairman, MSL, said an appeal by WMDC has been admitted by the High Court. It may be noted that the Bombay High Court has admitted the petition filed by WMDC challenging the price of the shares fixed by the Arbitrator, Mr Justice Sawant, former Kerala High Court Judge. The Arbitrator had fixed a price of Rs 151.63 per share of MSL in January this year.
But the price that had been offered by Bajaj Auto Ltd for the buying of the shares was Rs 75.
Wage settlement
Mr Bajaj said MSL is looking at renewing wage settlement with the workers. He said it was looking at reaching a settlement within the next few months and `if and when we reach a settlement, salary may get revised and arrears would be given''.
He said once this was done, a voluntary retirement scheme (VRS) would be offered to the workers.He pointed out that MSL had offered two VRS so far one in 2000-01 and the second in 2001-02 wherein about 190 workmen had taken the offer.
At present, MSL has a workforce of 640 of which about 608 were at the Satara plant and the remaining were at the Akurdi plant.
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