Bharuch: A very shocking case of corporate gimmicks has come out of the dowry of Bharuch, a small India. Where the land was sold for Rs 123 crore after the liquidation of Dowry’s Welspun Company, the same group bought the bankrupt ABG Shipyard for Rs 659 crore. This case has come to the fore due to the raid of the police including Dahej, SOG, LCB on Thursday in Dahej. Company officials feared that the 600 laid-off employees would protest. Due to which the corporate group had sought paid police protection before starting its survey and operation in the company premises on Thursday. Dahej’s Welspun Company folded up two years ago citing losses and shifted around 600 workers to out-of-state plants, including Anjar. The movement lasted for six months. Meanwhile, Welspan had entered into an MOU to sell the dowry land to Lakshmi Organics for ₹123 crore. On the other hand, it was ready to buy the bankrupt ABG Shipyard for ₹659 crore.
- Laxmi Organics buys land of defunct Welspun company for ₹123 crore
- While Dahej ABG Shipyards acquired Welspon for 659 crores
Now today, operations including surveying were started at ABG Shipyard, which was taken over by Welspan. The convoy, including Bharuch, Dahej, SOG and LCB, had already been mobilized since morning as police protection had already been sought to prevent the retrenched workers from protesting. The employees are alleging that Laxmi Organics, which bought the land of Welspun Company, is its own subsidiary or sister company. And how did the closed ABG Shipyard buy it when the company went into liquidation. Dahej locked out Welspun and now with a new name and new company, Welspun Group will start production with contract workers. Due to which the old permanent workers have to be paid a lump sum salary, P.F. Got rid of other financial benefits including gratuity.