The layoff is with effect from April 3, 2021, until further notice, the company said in a regulatory filing.
“… We have to inform you that the company has declared lay-off, as per the Industrial Disputes Act, 1947, at the Company’s manufacturing unit located at Shikohabad, Uttar Pradesh, w.e.f. April 3, 2021 until further notice,” the company said.
The board of Bajaj Electricals on March 25, 2021, had approved rolling out of a VRS for 281 permanent employees, in the ''workmen and staff'' category at Shikohabad unit.
“The company believes that the implementation of VRS will provide the much-needed flexibility in terms of reduced fixed overheads and deployment of productivity improvement plans,” it had said. Bajaj Electricals, which had a turnover of Rs 4,987 crore in FY2019-20, operates in consumer products such as appliances, fans, lighting and EPC.