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ITC Shuts Cigarette Units To Meet Pictorial Warning Norm

By Religare
|

India's biggest cigarette maker ITC Ltd said that its cigarette factories have been shut since May 04, 2016 and will remain so untill the time it is able to comply with interim requirements of 85 per cent pictorial warnings on packages of tobacco products.

ITC Shuts Cigarette Units To Meet Pictorial Warning Norm
ITC: Quotes, News
BSE 268.40BSE Quote4.55 (-1.70%)
NSE 268.30NSE Quote4.7 (-1.75%)
In a filing to the Bombay Stock Exchange, ITC said, "The company has had to shut its cigarette factories from May 04, 2016 until the company is in a position to comply with the interim requirements pending hearing in the Karnataka High Court."
 

On May 04, 2016, the Supreme Court had directed the tobacco companies to implement the rule mandating larger pictorial warnings and refused the manufacturers' plea to stay the implementation of new cigarette packaging rules.

The apex court said that the tobacco companies have to follow the rules till the Karnataka High Court, where all the petitions from various high courts are being transferred, pronounced its final order.

Last month, the company had resumed manufacturing of cigarettes at its factories, which it had suspended from April 1 in protest against the larger pictorial warnings issue.

The Kolkata-headquartered firm had suspended manufacturing at all its five cigarette factories saying there was a lack of clarity in policy regarding printing of larger pictorial warnings on the packets. All other cigarette manufacturers had taken similar decisions.

Meanwhile, shares of ITC were trading at Rs 314.20 apiece, down 1.05 per cent, from previous close on BSE at 10:22 hours.

Read more about: itc
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