Coronavirus Outbreak: Goodricke Group MD, CFO opts for 60% cut in salary to control expenses
Premium tea maker Goodricke Group's Managing Director & CEO Atul Asthana and Wholetime Director & CFO Arjun Sengupta have opted to take a 60 percent cut on their respective salaries in the crisis arising out of the Covid-19 outbreak
Kolkata: Premium tea maker Goodricke Group's Managing Director & CEO Atul Asthana and Wholetime Director & CFO Arjun Sengupta have opted to take a 60 percent cut on their respective salaries in the crisis arising out of the Covid-19 outbreak.
Senior management of Goodricke had approached the Board with their concern to control the expenses and suggested a voluntary pay cut across all staff designations up to a maximum of 60 percent, the company informed bourses.
The Board approved the resolution.
The company said the cash flow shall be reviewed from time to time to ascertain when the salaries can be reinstated.
The company has tea gardens in Darjeeling and Dooars in West Bengal and Assam.
Production at the gardens was halted since the lockdown began. However, the West Bengal government a few days back allowed the gardens to reopen with just 15 percent workforce. An appeal to extend it to 25 percent is pending with the government.
Goodricke management had earlier said entire production from Darjeeling is lost which is worrying.
Prime boutique tea from Darjeeling, usually sold at exorbitant prices, is primarily shipped to Japan and Germany.
Residents of Zhenghzhou's city centre cannot leave the area unless they have a negative Covid test and permission from authorities, and are advised not to leave their homes "unless necessary", the local government said.
As part of the government crackdown, students of several universities have been sent home. The search for people involved in the demonstrations has been intensified, while a large number of policemen have been deployed in major cities including the capital Beijing and major economic hub Shanghai
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