Tork Motors On Verge Of Shutting Down? The company has not been able to fulfil demand of the product since December and has not been able to provide salaries to the employees.
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Tork Motors, a Pune-based electric vehicle manufacturing company which has not been able to keep its facility running since December, has ran into another crisis with its dealers filing police complaint seeking settlement of their dues.
Earlier this month, the company sent a notice of termination to employees after not paying salaries to them for last seven months.
Kapil Shelke, Founder and CEO, Tork Motors' mobile phone remained unanswered when contacted by Entrepreneur India.
According to the email from the company it was citted that after careful evaluation of current organizational structure and future plans, the company has determined that certain roles within the company will be dissolved.
On July 31, Tork has officially asked for employee termination. This decision was not made lightly and is necessary to align our workforce with company's strategic goals.
On the same line company's previous employee on the account of anonymity said, "The company has not released any statement. They have removed all of their employees from the company."
On asking if the company is a standstill and on the verge of shutting down, he said, "yes, because nothing is happening. You can do the math."
Earlier, Bharat Forge which had the largest stake in the company, also wrote off all its investment from the company on profitability issues after the withdrawal and reduction of FAME scheme.
Tork Motors which was founded in 2010 manufactures electric motorcycles. The company also manufactures powertrain for its two-wheelers and three-wheelers.
