On Wednesday, the approval for Britannia Industries Limited (BIL) has been approved to close the biscuit making company for more than three decades. The Supreme Court on Wednesday rejected the decision of the Bombay High Court and ordered the approval. According to the language news, Justice Sanjay Karol and Justice Prashant Kumar Mishra gave the decision on the appeal of Harinagar Sugar Mills Limited (HSML) filed against the High Court’s order of February 17, 2023.
Goodwill amount increased by the court so much
According to the news, Harinagar Sugar Mills Limited had earlier offered to give Rs 10 crore to their employees as goodwill. But the court increased this amount to Rs 15 crore and also asked to pay it within eight weeks. The court said that in view of the closure of this company, some employees may have to lose their jobs and some others may be unemployed without any mistake, we appreciate this move of Harinagar Sugar Mills Limited. Such a statement is recorded in the record.
The amount should be released in eight weeks
Senior advocate Mukul Rohatgi, who appeared on behalf of Harinagar Sugar Mills, left the work of taking a decision on increasing the goodwill amount. The court said that we consider it appropriate and fair to increase the offer of the appellants by five crore rupees. In this way, this amount becomes Rs 15 crore instead of Rs 10 crore mentioned in our order. It should not take more than eight weeks to release the amount.
The new agreement was abolished by Britannia from 20 November 2019. After this, Harinagar Sugar Mills Limited applied on August 28, 2019 to stop its operations under Section 25-O of the Industrial Disputes Act, 1947. Harinagar Sugar Mills Limited was established in the year 1933. Harinagar sugar mills produce crystal sugar, quality alcohol/spirit and ethanol (fuel grade power alcohol) and electricity that is exported to Bihar State Electricity Board as well as bio-compost (biological power) and bio-fertilizer.
Latest business news
