Further AGI Greenpac being a listed company was penalised for LODR violation by SEBI.
The Workers Union of Hindusthan National Glass & Industries Limited in its letter addressed to Union Labour Minister Mansukh Mandaviya said 7500 laborers/workmen are under constant threat to their lives. The Workers union further added, “The Union Leader has received several suicide threats from the workmen of Puducherry unit and even from other units as well due to constant harassment and injustice in the hands of RP. ‘’
Union requested urgent attention of the Union Minister and the intervention of other concerned officials in the present matter. Union in its letter said “Based on the information available, there are about 7500 laborers/workmen in HNGIL, out of which 900 are unemployed and are under constant threat to their lives.”
Union Demands Strict Action Against Juneja
In a letter addressed to the Union Finance Minister and Union Labour Minister to seek and request strict action against Resolution professional Girish Juneja of HNGIL (occupier of the company) who is entrusted with responsibility for proper upkeep and maintenance of the assets of corporate debtor.
According to the DNA report, a fire incident that took place at HNG’s Sinnar plant on December 29, 2023, during the plant inspection by Deputy Director of Industrial Safety of Maharashtra Mr K T Zope, it was found and concluded that fire fighting equipment was lying in scrap condition and said findings are filed with Chief Judicial Magistrate of Nashik wherein Mr Zope has demanded to prosecute RP Juneja under Factories Act.
Workers Union’s Accuses Collision Of RP Juneja With AGI Greenpac
According to the DNA report, Workers Union letter to the Union Labour minister states, “A complaint dated 28.03.2024 was also filed by Deputy Director, Industrial Safety and Health, Nashik under the Maharashtra Factories Rules, 1963 before the Chief Judicial Magistrate on the ground that RP failed to maintain fire fighting equipment at the plant.”
Workers’ union letter to the Union Labour Minister further added, “That even in the past there have been several letters addressed to RP for maintaining the plants and machinery at other units as well to avoid a similar incident like the one at Sinnar plant, however, the RP failed to maintain the same.”
According to a exclusive access of a police complaint with DNA, which is filed by the Nashik plant workers union with Sinnar MIDC police station, it revealed that RP Juneja is purposely conspiring to shut down plants of HNGIL to direct the customers of HNGIL to AGI Greenpac which is the second largest player in container glass in India.
“The plant supervisor of the HNGIL’s Nashik plant has also filed a complaint bearing PS Case No. 300 of 2024 against the RP at Sinnar MIDC Police Station on account of misconduct, negligence, misappropriation, destruction, and criminal breach of trust. In the said complaint he clearly stated that RP risked the lives of 180 permanent employees and 600 workers of the plant. A copy of the Police Complaint dated 18.04.2024.”
“The malafide of the RP is evident from the fact that RP did not report the said fire and no investigation was conducted or ordered by him. It is evident that RP was only interested in insurance claims which will ultimately benefit AGI Greenpac. Despite HNGIL having sufficient bank balance to repair the said plant, RP failed to do so as the cost of the renovation plus loss of profit would be reimbursed by the insurance company, which clearly shows the ulterior motives of RP.”
Workers’ union in its letter addressed to Union Labour Minister Mansukh Mandaviya says, “That based on the information available, there are about 7500 labours/workmen in HNGIL, out of which 900 are unemployed and are under constant threat to their lives. There are about 1000 workers of the Puducherry unit are in great danger due to dilapidated furnaces and neglected condition of furnaces at the plant.”
Workers union of HNGIL further accuses RP Juneja of colluding with AGI Greenpac.
AGI Greenpac Operations
AGI Greenpac Limited (Formerly known as HSIL Limited) is India’s leading Packaging Products Company that manufactures and markets various packaging products, including glass containers & specialty glass, and Polyethylene Terephthalate (PET) bottles & products, and security caps & closures. Packaging Products Division has seven plants in India, located across Telangana, Uttarakhand, and Karnataka. This Division has a comprehensive product range, catering to 500+ globally acclaimed institutional clients in India.
AGI Greenpac is the second largest company in the area of container glass in India. Promoters of AGI Greenpac are first cousins of Promoters of Hindusthan National Glass (HNGIL) which is currently undergoing CIRP.
Competition Commission Of India & SEBI On AGI Greenpac
The competition commission of India in its order dated 15th March 2023 said that a combination of HNGIL (largest player in container glass) and AGI Greenpac (Second Largest) will result in an appreciable adverse impact on competition (AAEC) i.e. monopoly in said sector. It is pertinent to note that AGI Greenpac’s application under FORM 1 (Green channel) was termed as “Not Valid” in Oct 2022 due to AAEC concerns.
Further AGI Greenpac being a listed company was penalised for LODR violation by SEBI. SEBI in its order dated 30th April 2024 said that AGI Greenpac suppressed information from its investors regarding receiving show cause notice from the Competition Commission of India on 10th February 2023.
Sebi also stated that AGI failed to disclose the show cause notice issued by CCI to it, modification of its application to CCI, and litigation related to the CCI order. AGI had witnessed a 236 percent rally due to the buoyancy of CCI orders.
Further, as per the LODR declaration by AGI Greenpac, it says it has received a GST demand notice.