The term of the agreement states that the 11 sacked employees will be re-instated. The staff on strike will losse salary only for few days rather than the entire duration of the strike.
The managment has not finalised on its decision on their main demand of a recognizing a new union.
It is estimated that the company suffered a production loss of approximately Rs 600 crore. In terms of number of units, 13,200 units could have been produced in this time frame.
All India Trade Union Congress (AITUC) general secretary and CPI leader Gurudas Dasgupta said, "There will be no reference to the management's decision of not allowing trade union activities at the plant," Dasgupta said.
Meanwhile the AITUC Gurgaon district president Suresh Gaur maintained his view to a section of the media that other employee unions witin the industrial belt will continue their protest as planned. They intend to work empty stomach Friday, i.e. June 17, 2011; and hold a two-hour tool-down strike on June 20.
When approximately 2,000 workers at Maruti Suzuki's Manesar plant decided to go on strike demanding recognition of a new union.
The Haryana state government had intervened to help the two sides settle the issue. The strike had paralyzed production for Maruti's high selling models - Swift, DZire, Sx4 and A-Star.
Investor angle: The stock will witness momentum rush in the stock. There stock will recover to near its previous level by the end of today's session.