BAJAJ BROKING
Madhya Pradesh Excise Department has suspended the licence of Som Distilleries after 59 children were rescued from its Bhopal unit. The company is facing severe child labour allegations over the issue. The firm blames private contractors while an investigation is ongoing.
The Madhya Pradesh Excise Department has suspended the license of Som Distilleries and Breweries after reports of child labour at its Bhopal unit emerged earlier this week.
Authorities conducted a rescue operation, freeing 39 underage boys and 20 underage girls from the liquor factory in Raisen District.
The operation revealed that a unit of Som Distilleries employed the minors without proper police verification.
As a result, the factory's licence has been suspended for 20 days or until the Labour Department approves resumption, whichever comes later.
Explore:Som Dist & Brew Ltd Share Price
In an exchange filing on June 19, Som Distilleries clarified that the concerns pertain to a private limited company associated with the listed entity, primarily dealing in country liquor.
The company stated that contractors might have failed to adequately verify the workers' ages. They ensure that all their plants comply with applicable laws and possess the necessary permissions.
Som Distilleries' Bhopal plant has a significant capacity, producing 15.2 million cases of beer and 0.6 million cases of Indian Made Foreign Liquor annually, catering to regions including Rajasthan, Jharkhand, and Uttar Pradesh.
Despite these capacities, the plant's utilisation was at 70% as of the March quarter.
The allegations and subsequent licence suspension have adversely affected Som Distilleries' market performance, with media reports indicating a sharp decline in the company's share value following the investigation announcement.
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
For All Disclaimers Click Here: https://bit.ly/3Tcsfuc
Share this article:
Gold Price in India | Gold Rises 1% to $2,719 Ahead of U.S. PPI Data
12 Dec, 2024 | 39 Min. read
Indian Overseas Bank Receives ₹808.3 Crore Income Tax Refund
12 Dec, 2024 | 2 Min. read
Shakti Pumps Secures ₹754.3 Crore Solar Water Pump Order in Maharashtra
12 Dec, 2024 | 2 Min. read
Coca-Cola Sells 40% Stake in Bottling Arm to Jubilant Bhartia Group
12 Dec, 2024 | 2 Min. read
Vedanta to Consider Fourth Interim Dividend on December 16
12 Dec, 2024 | 2 Min. read
Share Market Today | Flat to Positive Start Expected for Indian Markets Amid Global Cues
12 Dec, 2024 | 4 Min. read
Securities Transaction Tax: Meaning & Charges
12 Dec, 2024 | 7 Min. read
International Gemological Institute India IPO Issue Date & Pricing
12 Dec, 2024 | 4 Min. read
How to Apply for International Gemological Institute India IPO?
12 Dec, 2024 | 3 Min. read
Robo Trading: Meaning, Examples, Features & Types
12 Dec, 2024 | 6 Min. read
India’s Leading Infrastructure Stocks for 2024
12 Dec, 2024 | 6 Min. read
India’s Leading Government Stocks in 2024
12 Dec, 2024 | 6 Min. read
RBI Launches ULI: Transforming Loan Access
August 27, 2024 | 4 Min. read
Textile Sector in India
September 20, 2024 | 5 Min. read
List of IPOs with DRHPs Filed
November 30, 2023 | 3 Min. read
Aditya Birla Group
September 28, 2023 | 10 Min. read
Bajaj Housing Finance Ltd IPO: Things Smart Investors Need to Know
September 05, 2024 | 4 Min. read
Budget Stock Ideas 2024-2025 | Stocks to Buy Today
July 24, 2024 | 4 Min. read
IPO Eligibility Criteria : Full Details
March 15, 2024 | 6 Min. read
What Is the Lock-In Period in IPOs?
October 18, 2023 | 6 Min. read
Godfrey Phillips Announces 2:1 Bonus Shares
September 16, 2024 | 7 Min. read
Jindal Group- A Comprehensive Analysis
September 27, 2024 | 7 Min. read
Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading