Highlights
- A Labour Court awarded an amount of ₹ 39,12,965.41 to an ex-employee of Schneider Electric Infrastructure Limited, which is ten times the penalty on the deducted amount under Section 15 of the Payment of Wages Act, 1936.
- The application related to the wage claims was filed on June 24, 2024, with an order reserved on November 14, 2024, highlighting the legal proceedings timeline.
- Schneider Electric Infrastructure Limited stated that there is no material impact on operations or routine business activities, and the financial impact will be limited to the extent of the demand in the order.
A Labour Court under the Payment of Wages Act, 1936, awarded an amount of ₹ 39,12,965.41/- to an ex-employee, ten times the penalty on the deducted amount under Section 15 of Payment of Wages Act, 1936, which was put on hold due to noncompletion of full & final handing over formalities of the Schneider Electric Infrastructure Limited by an employee.
Section 15 deals with the claims arising out of deductions from wages or delay in payment of wages and penalties for malicious or vexatious claims.
The application was filed on June 24, 2024, with an order reserved on November 14, 2024.
The Company is evaluating legal remedies possible in the present case.”There is no material impact on the operations or other routine business activities. The financial impact will be limited to the extent of demand in Order,” said Schneider Electric in an exchange filing.
The disclosure before the exchange was made under Disclosure under Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015.
