(a) whether the Government is aware that employees of HMT Chinar Watch Company Ltd., Kashmir have not been paid their salary for the last several months;
(b) if so, the reasons therefore; and
(c) the measures taken by the Government to ensure that employees of the said company are paid their dues?
MINISTER OF STATE (INDEPENDENT CHARGE) OF THE MINISTRY OF HEAVY INDUSTRIES AND PUBLIC ENTERPRISES (SHRI SONTOSH MOHAN DEV)
(a) Yes, Sir.
(b) H.M.T. Chinar Watches Ltd., Srinagar has been continuously incurring heavy losses and has not been able to generate internal resources to meet the expenditure on salary/wages. The losses incurred during the last three years are as under:
(Rupees in crores)
2002-03 2003-04 2004-05
Profit/Loss -6.31 -21.92 -25.72