The fate of the sick Maharashtra Antibiotics and Pharmaceuticals Limited (MAPL), Hingna, has now more or less been sealed with 224 out of 234 employees of the largest pharmaceutical company applying for a voluntary separation scheme (VSS).
The first batch of 136 VSS optees has already been relieved from service. They were handed over their relieving letters on March 8, sources in the company said. The others would be relieved soon.
The employees have been relieved even when the VSS, which ends on April 7, is still in operation. The remaining 10 are also expected to apply for the scheme.
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The VSS was introduced in January 7, 2003, on the directions of the Bombay High Court. The VSS is being funded by the Centre, which is the promoter of MAPL through Hindustan Antibiotics Limited (HAL). The VSS amount has to be paid within seven-and-half month in lumpsum and not instalments. The outgo on account of the VSS will be in the region of Rs 10 crore.
The scheme has given the option to the applicant to accept the VSS based on the Department of Heavy Industry