Vimalji, with maximum respect for the distress of the employees! This is a business like any other business! If the co. is not profitable and has undergone huge debts, the employees too suffer!! If it was for any other management too the result would have been the same! I think the promoter has indeed pumped in more than 1000cr, but still could not put it back in track!!Now, if he decides to sell his majority stake, he will lose control of his highly profit making business, it is just like selling family silver and the worst tragedy to befall on anyone!! Even if he sells and pumps the money in this ailing business, then too it will take at least 5 years to get into profitable mode that too with no guarantee!!
So, it is one of the biggest dilemma he has fallen into!!
Non payment of wages had happened in 100s of IT oriented cos. during the dotcom boom! What happened to the employees of so many mills in Mumbai which went bankrupt? Nothing? Cos. closed down, employees were not paid, promoters raised their hands crying "broke"!! Slowly all of the employees accepted their fate and left and joined somewhere else! So, this is a risk to a person working in the pvt. sector which one should always keep at the back of his mind unlike in PSUs which are backed by the Sovereign!!
I hope and pray that some solution comes out and all in trouble get succor!!
I totally agree with your views but what bothers me that these organizations are getting away with such gross injustice and are not answerable to anyone? Recently one KFA employee`s wife committed suicide due to this very reason, who is responsible for that??
Has KFA owner stopped eating, drinking or leading the life of luxury that he is so used to? If not why should the employees not be paid their well deserved salary at the end of the month which the reason why they are working? They are doing their job well otherwise they would have been thrown out in any case, isn`t it? The company is in shambles due to poor management and bad decisions by them so why should they suffer for no fault of theirs????
KFA crisis is just statement given by the promoter stating that how much ever he induces capital into KFA it turned to be loss making. So to end this loss making era there have to be policy and restructuring of business which has to happen. We know in India nothing is possible in terms of political decisions without drama.