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Himatsingka Seide Ltd clarifies on certain media reports

Posted On: 2019-08-16 21:16:00

Himatsingka Seide Ltd has announced with reference to some news reports containing certain allegations regarding its employment practices and policies.

The Himatsingka Group would like to clarify that the allegations levied upon the company are absolutely false and baseless. The company is in compliance with all regulatory and statutory requirements. The concerned departments from the Government of Karnataka including, the Inspector of Factories and the Labour Department among others have audited our manufacturing facilities and have not found any non-compliance with any regulations. Any suggestions which have been made by such departments have been duly considered and implemented.

Contrary to the news reports, the company is in compliance with regard to all wages, bonuses and other statutory requirements and the same has been duly acknowledged by the Labour Department. Additionally, no formal complaint has been received either through its internal complaints committee (duly constituted under the POSH Act for addressing harassment issues at the workplace) or its internal grievance committee (that addresses workplace related complaints).

The Himatsingka Group's manufacturing campus at Hassan is amongst the largest textile complexes in the country and houses best in class manufacturing facilities with a large workforce. We adopt global best practices across all areas of operations. Our Human Resource and Industrial Relations practices are amongst the best in the industry and we have always been a leader in promoting work environments that ensure the highest standards of legal and ethical compliance.

Shares of HIMATSINGKA SEIDE LTD. was last trading in BSE at Rs.136.2 as compared to the previous close of Rs. 135.75. The total number of shares traded during the day was 1759 in over 46 trades.

The stock hit an intraday high of Rs. 137.95 and intraday low of 135.55. The net turnover during the day was Rs. 240153.


Source: Equity Bulls

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