Calcutta, June 18: Creditors are baying for the blood of Jenson & Nicholson’s management. Last week, a group of lenders turned the heat on top officials of the paint company, forcing them to run for cover.
The company moved its registered office on Monday without informing its employees or the stock exchanges, and its top brass is currently not reachable. Officials say, the top management is not in town at present.
“Early this month, a lender from Hyderabad had come to our head office. He was armed with a court order for the arrest of J.S. Chatterjee, the joint managing director.
“A contingent of cops from Hyderabad accompanied the creditor. Chatterjee locked himself up in his room, while other managers rustled up some cash to pacify the creditor,” said a Jenson employee.
Jenson retrenched 48 employees at its erstwhile registered office in Calcutta. It has drastically cut production at its Naihati plant, and the retrenchment axe now dangles over the 350 employees of the factory.
The retrenched employees of the company’s erstwhile registered office said they were planning to move court. Explaining the move, Jenson said in a letter written to its employees that it was in terrible financial crisis.