The Government issued orders for closure of three units of HMT viz. HMT Watches Ltd. (HMTW), HMT Chinar Watches Ltd. (HMTCW) and HMT Bearings Ltd. (HMTB). These companies have been running on loss for some time. Thousands of workers will either be given VRS or retrenched.
These were all running on profit for a very long time. Only due to the anti-PSU policy of the government, they have become loss making. Now the workers are losing the jobs and the companies are being closed. This anti-PSU policy of the government has to be resisted and defeated.