Nanjangud: Reid and Taylor factory at Tandavapura near Nanjangud has terminated the services of 1,400 of its employees as part of liquidation. All revival options have failed and after many hearings in the National Company Law Appellate Tribunal (NCLAT), the debt-hit fashion major has been liquidated.
Ravi Shankar Devarakonda, who was appointed as liquidator as per the orders of NCLAT on February 5, 2019, to liquidate Reid and Taylor as per the Insolvency and Bankruptcy Code, 2016, has written a letter to this effect, to the employees on May 14.
