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16th August 2024, 11:34
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Bharat Forge writes disconnected its concern successful Tork Motors
Pune-based electrical 2-wheeler maker, Tork Motors, could beryllium winding down its operations. As per reports, accumulation has crushed to a halt and the institution has adjacent sent a ‘Notice of Role Dissolution and Employment Termination’ email to its employees.
Tork Motors has dispatched a azygous conveyance to its dealers since December. In fact, it is said that dealers person filed a constabulary ailment against the institution implicit pending dues. As per Kiran Pathare, Assistant Police Inspector, Pimpri Chinchwad, the probe is ongoing and enactment should beryllium taken by adjacent week.
Another large improvement is that Bharat Forge, the biggest shareholder successful Tork Motors, has written disconnected its investment. The Kalyani Powertrain Limited, a subsidiary of Bharat Forge, controls a 64.29% involvement successful Tork Motors.
Amit Kalyani, Vice Chairman & Joint Managing Director of Bharat Forge, said, “We person written disconnected each our concern successful this institution truthful far. We are moving with them to spot however we bash an orderly wind-up. But arsenic acold arsenic our concern is concerned, this is the ample portion of it.”
Tork Motors’ profitability took a deed pursuing the withdrawal and simplification successful the FAME scheme. It is said to beryllium 1 of the main reasons wherefore the institution has been struggling to enactment afloat.
Source: ET Auto
