Bank officials on Saturday seized the premises of Sanghi Polyesters
Ltd at Sanghinagar in Hayathnagar mandal of Ranga Reddy district for
failing to repay loans. According to officials, Sanghi Polyesters, part
of the Sanghi Group promoted by brothers Girish Sanghi and Ravi Sanghi,
had failed to repay loans worth about Rs 2,000 crore to 12 banks,
including Allahabad Bank, the major lender.
As the employees stepped up the agitation, the police forcibly took them into custody and shifted them to nearby police stations. The leaders of the Sanghi Employees Union had vowed not to move out of the premises until they were paid Rs 28 crore due to them towards 14 month salaries. The police initially tried to convince them to settle the issue in court.
SPL which is into manufacturing Polyester Filament Yarn is part of the Sanghi Group being promoted by Sanghi brothers. Meanwhile, CITU flayed the attack on the factory workers. “The company was shut down illegally. It’s not right to attack employees who had been staging protests for the last 11 months, seeking an assurance with regards to payment of dues and other entitlements,” CITU leaders said. They said the management, bankers and police had conspired to cheat the w
The premises were seized following orders of the Ranga Reddy district metropolitan civil court at L.B. Nagar. “Bank officials seized the premises. We only provided protection,” said Vanasthalipuram ACP B. Srinivas Reddy. Around 600 cops from police stations including Ibrahimpatnam, Hayathnagar, Vanasthalipuram and L.B. Nagar were deployed at the site.
Company shutdown was illegal: Employee union
Bank officials had approached the court after their efforts to auction the premises of Sanghi Polyesters Ltd at Sanghinagar had met with resistance from the company’s employees. However, Saturday’s operation also did not go smoothly as about 280 employees of Sanghi Polyesters obstructed the bank staff resulting in a scuffle.
As the employees stepped up the agitation, the police forcibly took them into custody and shifted them to nearby police stations. The leaders of the Sanghi Employees Union had vowed not to move out of the premises until they were paid Rs 28 crore due to them towards 14 month salaries. The police initially tried to convince them to settle the issue in court.
SPL which is into manufacturing Polyester Filament Yarn is part of the Sanghi Group being promoted by Sanghi brothers. Meanwhile, CITU flayed the attack on the factory workers. “The company was shut down illegally. It’s not right to attack employees who had been staging protests for the last 11 months, seeking an assurance with regards to payment of dues and other entitlements,” CITU leaders said. They said the management, bankers and police had conspired to cheat the w
The premises were seized following orders of the Ranga Reddy district metropolitan civil court at L.B. Nagar. “Bank officials seized the premises. We only provided protection,” said Vanasthalipuram ACP B. Srinivas Reddy. Around 600 cops from police stations including Ibrahimpatnam, Hayathnagar, Vanasthalipuram and L.B. Nagar were deployed at the site.
Company shutdown was illegal: Employee union
Bank officials had approached the court after their efforts to auction the premises of Sanghi Polyesters Ltd at Sanghinagar had met with resistance from the company’s employees. However, Saturday’s operation also did not go smoothly as about 280 employees of Sanghi Polyesters obstructed the bank staff resulting in a scuffle.
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