HIW union demands cancellation of share purchase agreements

Sambalpur, Dec 25 (UNI) The Hirakud Industrial Workers (HIW) Union today demanded the cancellation of share purchase agreements signed with the Kolkata-based Barsha Fabrics Limited and take steps to revive it.

Union president Phani Bhushan Patnaik said the Barsha Fabrics Limited, which purchased the Hirakud Industrial Works, Re-Rolling Mills and Hira Cables in 2005, had failed to honour its terms and conditions.

Mr Patnaik alleged that the company had not paid salary to the employees, not deposited the LIC, Provident Fund and ESI premium.

He also alleged that there was no account of Rs four crore, which was deducted from the workers' salaries towards provident funds, since 2002.

''The workers and the trade unions protested the process of takeover by a private firm as they had no other option since the state government was adamant in its decision,'' the union said.

''Our apprehension came true and the private firm has already deceived the workers,'' the union president said.

Mr Patnaik alleged that the firm was preparing to sell out the movable and immovable property of the three units and demanded that the agreement be cancelled immediately.

UNI