Metkore Alloys, one among 24 Defaulters in the NSEL crisis that owes Rs 94.83 crore has declared a lockout at its Ferro-chrome manufacturing plant located in the north coastal Andhra district of Srikakulam. Earlier this year, bidders were invited by NSEL for the sale of 14,200 tonnes of ferrochrome belonging to Metkore that lies in their Andhra Pradesh warehouse. The company’s managing director Prashant Boorugu was arrested last year by the EOW for default of payment to the National Spot Exchange Limited (NSEL).
The company’s management on Friday posted a lockout notice on the factory gates. Around 300 workers were employed in the factory’s operations. The company cited increased power costs, losses and other factors as the reason for declaring the lockout. Efforts to reach out to the top management representatives were not successful. The deputy commissioner of labor (DCL) of Srikakulam district, D Venkataratnam, said he was not aware of the development.
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