The global epidemic corona virus has not only put migrant laborers and the poor in India in peril, but has also shaken the foundations of many old and big industrial houses. From June 1, the government has again directed to fully reopen the economy under Unlock-1, but the condition of some companies has deteriorated due to the two-month long lockdown, one such company is Atlas Cycles (Haryana) Limited.
Atlas Cycle has announced the temporary closure of its manufacturing plant in Sahibabad, Uttar Pradesh. The company told the stock markets that it was unable to resume operations at its Sahibabad plant due to the financial crisis, so all employees were barred from working here.
On Tuesday, the company posted a notice outside the Sahibabad plant and informed the employees about the lay-off, whereas this plant is located at Industrial Side-4 of Sahibabad. The company said in a statement that the Sahibabad unit of the company was not in a position to resume operations due to the financial crisis after the lockdown ended on 1 June. Therefore, all the employees of the company’s Sahibabad unit have been asked not to come for the job and it will be effective from June 3, 2020. The company has said that the plant will remain closed until sufficient funds are provided.