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Jamshedpur, December 08, 2016

With a view to assuage the current situation in TAYO, Mr.Yashwant Pandey, DGM (HR& Administraion) and others held a discussion with some TAYO employees today. The aim was to evaluate the current situation at TAYO.

The discussions revolved around the following points:

Payment of salary and bonus : The employees represented that their salaries pending since October 2016 and Bonus for 2015 – 16 should be paid at the earliest. Replying to this Mr.Pandey reiterated that the financial position of the Company was severely constrained. The Company kept paying salaries till it could inspite of production having stopped. Employees were paid for past few months without actually doing any work.

Mr.Pandey clarified that with the financial crunch deepening every day, the Company is being forced to withdraw provisions towards the employees’ compensation and amenities. The situation is likely to get worse with each passing day because the Company does not have funds.

Unfortunate incident on Dec 2, 2016
 : Mr.Pandey expressed his anguish at the developments which took place on December 2, 2016.

It may be re-called that on 2.12.16 a handful of workers illegally confined some officers & Consultants in the Administrative Building of the Company from 11.30 am till 8.45 pm. The incident caused them serious physical and mental trauma and was a risk to their lives as some of them could not take the regular medicines & food on time which affected their health. It was only with the intervention of the Police that they could be rescued. Since then out of fear many officials had stopped going to the Plant.

Mr.Pandey urged the employees to maintain a cordial situation inside the Company premises and cautioned them to not create a law & order situation which would not only cause inconvenience to others but may also lead to remedial action on part of the law enforcing agencies.

The employees agreed to this saying that they themselves were being inconvenienced as since officers were not going to the Plant, there was no one to sanction their leaves and medical authorisations. They requested Mr.Pandey to have concerned officers be present in the premises and assured that no untoward incident would take place. Similarly they assured that no harm would come to service providers like canteen staff and transporters.

Other points
 : On their part, the employees wanted a meeting with the M.D to which Mr.Pandey clarified that he was speaking to them on behalf of the M.D and sharing the current situation and financial position of the Company.

The meeting ended with the employees once again raising the issue of payment of salaries. Mr.Pandey clarified that in the last few months, the Management had been continuously appealing to the Workers to take an informed decision keeping in view their long term interests as well as those of their families. Workers were cautioned to not fall prey to rumours or false assurances, but rather judge the situation for themselves. The VSS Scheme was the best alternative in the current situation which the workers should actively consider the Management has re-iterated.