After years of losses incurred from its Sahibabad factory in Uttar Pradesh, Atlas Cycles has decided to shut down the unit on 1 Jun 2020.
After consideration of the above matter and detailed deliberations, the board of directors of the company has resolved to close the Sahibabad unit and the company informed the National Stock Exchange (NSE).
Informing to NSE India Ltd and BSE Ltd, company said, Pursuant to the requirement of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that post lifting of lockdown with effect from 01.06.2020, Sahibabad Unit of the Company is not in a position to resume manufacturing operations due to financial constraints.
Hence, the workforce of Sahibabad Unit of the Company will be laid off with effect from 03.06.2020 till adequate
arrangement of funds is made, the company added.