Bajaj turns down Esop demand, ready to discuss other issues
Bajaj Auto chief Rajiv Bajaj said that the management was ready to discuss other issues that the union had raised. But, it rejected the demand for allotment of Employee Stock Options (Esop).
July 18, 2013 / 09:41 IST
Bajaj Auto chief Rajiv Bajaj today rejected labour union's demand for allotment of Employee Stock Options (Esop) but said the company management is ready to discuss other issues that the union has raised, including reinstatement of suspended workers.
"The company will not agree to demand to allot shares to the employees even if stoppage of work goes on for 500 days, as even the top management has not been allotted shares," managing director Rajiv Bajaj told reporters here, as the strike continued for the 23rd day at its Chakan plant. Also read: Maha labour minister may call Bajaj Auto to resolve stirHowever, he was quick to add that the management is ready to discuss other issues that the union has raised, including reinstatement of suspended workers.Meanwhile, a company official said the production loss since June 25 has been around 30,000 units. Explaining further the rationale for not accepting the Esop demand, Bajaj said, "We don't want to buy loyalty by giving shares. The union can read it either as our arrogance or humility.""The allegations about ill-treatment of workers are nothing but laughable. Production and discipline has to be restored to normal before meaningful dialogue can take place."It is not true that we don't have a problem. I am very worried if the strike prolongs. We are concerned about the production loss and also about the work culture at the plant. Our expectations from Chakan are not quantitative but qualitative," Bajaj said.Sounding another conciliatory note, company's chief operating officer Pradeep Shrivastva said the management is always keen on timely completion of salary review process and is eager to conclude the process at the earliest.On taking back the suspended workers, he said company can consider the same if the enquiry clears them, and if the misconduct is not serious, and also they if admit to their mistakes in writing. So far, the company has suspended 21 employees pending enquiry. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
