Companies & Sectors
Hero MotoCorp workers seek up to Rs18,000 hike in monthly wages over three years

Nearly 1,200 permanent workers of Hero MotoCorp are observing silent protest by wearing black badges and not taking tea and snacks provided by the company to press for their demand

 

New Delhi: Workers at two-wheeler major Hero MotoCorp's Gurgaon plant have demanded a hike in monthly wages of up to Rs18,000 over a three-year period, which is nearly three times higher than what the company is offering as part of a wage settlement agreement, reports PTI.

 

The nearly 1,200 permanent workers, under the aegis of Hero MotoCorp Workers Union (HMCWU), are observing silent protest by wearing black badges and not taking tea and snacks provided by the company to press for their demand.

 

They have, however, ruled out going for any strike or slowdown in production in immediate future as negotiations with the company management is going on since August 2012.

 

"We are asking for a hike of about Rs15,000-Rs18,000 per month spread over a period of three years as cost of living in the National Capital Region (NCR) is very high. However, the management is offering us around Rs6,500, which was the hike for Dharuhera plant's workers during the three-year agreement signed in 2011," HMCWU President Kawalpreet Singh told PTI.

 

The union had submitted its demand in August last year and its representatives have been holding negotiations with the management since then, he added.

 

When asked if the workers would resort to strike, Singh said: "At present we are protesting very peacefully and silently by wearing a black badge while coming to work and we are not accepting company's tea and snacks. We do not have any plan to go for strike or slowing the output in near future."

 

He, however, said if the company does not pay heed to workers' demand, the union will decide its future course of action accordingly.

 

When contacted, a Hero MotoCorp spokesperson said: "We have been holding talks with members of the Union at our Gurgaon plant in an amicable and friendly atmosphere... Hero MotoCorp has always given top priority to the overall welfare and well-being of all our workers."

 

The company spokesperson, however, declined to share specific details with regard to the ongoing talks until both parties reach an amicable conclusion.

 

"In keeping with our impeccable past record and our leadership status in the industry, we will take prudent, well-deliberated and sensible decision for the mutual satisfaction of everyone concerned and indeed for the larger good of the industrial environment in the region," he said.

 

Although the spokesperson declined to share details of current salaries of the workers, industry sources said the average gross salary of a worker at Hero MotoCorp's Gurgaon plant stands at around Rs46,000 per month.

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Muthoot Finance may up public shareholding to 25% this quarter

Muthoot Finance which has a public shareholding of 19.88% as of now, has to increase it to 25% within the timeframe given by SEBI

 

Mumbai: The country's largest gold loan company Muthoot Finance said it may dilute promoter stake by the end of this fiscal to comply with Securities and Exchange Board of India (SEBI)'s minimum public shareholding norms of 25%, reports PTI.

 

"We have an enabling resolution from the shareholders to raise the minimum public holding to 25%. We will do it through private placement. Though the timing has not been decided, we may go for it by the end of the fiscal," Muthoot Finance Executive Director KP Padmakumar told PTI over phone from Kochi.

 

As per market regulator SEBI, privately promoted companies are expected to adhere by June 2013 to the norm of public shareholding at 25%.

 

Muthoot Finance which has a public shareholding of 19.88% as of now, has to increase it to 25% within the timeframe given by the regulator.

 

Padmakumar also said the company is planning to come out with an non-covertible debentures (NCDs) issue in the current quarter.

 

"We are planning to come up with an NCD issue in the current quarter. The amount and the exact timing have not been decided for the issue though," Padmakumar said.

 

The gold loan company had raised Rs994 crore in three tranches in 2012 through NCDs.

 

Meanwhile, the company reported 7% in growth in net profit at Rs270 crore in the third quarter of current financial year up from Rs251 crore a year ago, while its income grew by 11% to Rs1,365 crore.

 

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SEBI seeks clarification on Videocon's D2H arm IPO

Without disclosing the details of the clarifications sought, SEBI has said that clarifications are awaited from lead manager for Bharat Business Channel, the D2H unit of Videocon, for its proposed IPO

 

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has sought clarifications from the merchant banker of Bharat Business Channel, direct to home (D2H) TV unit of Videocon Group, regarding the company's proposed Rs700 crore initial public offering (IPO), reports PTI.

 

Without disclosing the details of the clarifications sought, SEBI has said that "clarifications (are) awaited from Lead Manager" for the proposed public offer.

 

As per the latest weekly update to the processing status of draft offer documents filed with SEBI, the regulator has said clarifications were awaited on the IPO of Bharat Business Channel, which provides direct-to-home TV services under Videocon D2H brand, as on 11 January 2013.

 

The status is updated on a weekly basis by the regulator and the the next update of the status as on 18 January 2013 would be uploaded on the SEBI website on the next working day.

 

SEBI said it might issue observations on Bharat Business Channel's draft offer document within 30 days from the date of receipt of satisfactory reply from the lead merchant bankers to the clarification or additional information sought from them.

 

The regulator had received the draft offer documents of on 14th December through its lead manager Enam Securities.

 

The company's proposed IPO estimates to raise Rs700 crore. It is also considering to raise Rs50 crore through a pre-IPO placement of its shares to institutional investors.

 

The proposed IPO would comprise at least 25% of equity capital giving a valuation of Rs2,800 crore to Bharat Business Channel.

 

The company plans to use the funds for "acquisition of set-top boxes, outdoor units and accessories thereof, repayment/prepayment of certain indebtedness and general corporate purposes."

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