One of the oldest companies in India, Jessop & Co, is controlled by Pawan K, Ruia. It has sought intervention from the West Bengali government to permit the company's permanent closure.
According to sources in Jessop & Co, who told PTI, "We have written to the labor minitry to permit us for permanent closure of the Dum Dum factory of Jessop with a copy to the Chief Minister Mamata Banerjee on November 1."
It further added, "We have reached this stage due to two reasons - productivity in the factory had plummeted to negligible levels while the wage bill per month is around INR2 crore for some 600 workers and continuous theft in the factory."
The situation on the ground was very bad, according to some quarters. The officials of the heavy engineering company alleged that the law and order was 'very bad' and this is attributed to some local issues. The management personnel have found it difficult to operate in the factory, as many CFOs had quit in the last few months.
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