STANDARD MILLS, TEXTILE DIVISION OF STANDARD INDUS Vs. ASHOK BHARGAV JADHAV; MAHADEO R TOKE; SATYAWAN GAN

JUDGEMENT

(1.) Heard.

(2.) Rule. Rule is made returnable forthwith. Respondents waive service. Matter is taken up for final hearing by consent of parties.

(3.) Petitioner - Company was in the Textile Industry for more than 100 years. At one time, it was operating four Mills in different parts of the Country. On account of various factors, from 1989 the Company started incurring heavy losses over a period of years. Petitioner, ultimately, had to dispose of its assets for generating funds for the operation of the Company. It was compelled to shut down two Mills which were situated outside Maharashtra. Thereafter, only two Mills in the city were operational, namely, at Sewree and at Prabhadevi. Petitioner - Company therefore had no other option but to file an application under Sec. 250 of the Industrial Disputes Act (hereinafter referred to as "IDA") for the closure of the Plant at Sewree. This application was filed on 21/09/1999. The matter was thereafter referred for adjudication. Petitioner thereafter made second application dtd. 06/11/2000 for closure of the Mill at Prabhadevi under Sec. 250 of the IDA.