It, however, added that if Mahasangh's intervention also fails it will will have no option but go ahead with plans of agitation.
The union's list of demands include allocation of allotment of shares at a discounted price, corporate social responsibility (CSR) funds for education of employees' children, setting up a museum in the name of the company's founder Jamnalal Bajaj within a year.
Earlier on April 14, the union had issued a notice to the Baja Auto's management, threatening an indefinite strike at the Chakan plant in Pune from April 27, if its demands were not met.
"We had a meeting with the Shramik Ekta Mahasangh, the umbrella organisation of trade unions in the region, on April 14 and April 28, which had said that it would look into the matter. Considering their suggestions, we decided to postpone our stoppage of work plan.
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The Chakan plant employs more than 2,000 workers, including around 900 permanent ones, and produces 1.2 million bikes including the Pulsar, Avenger, Ninja and KTM brands per year.
However, the Bajaj auto management had termed the union's demands as "insane" and said it would ensure that production at the Chakan plant is not hit, if the union made any attempt to disrupt the same.