The results signify an 82 per cent dip in the net profit, although a company release sought to claim an 87 per cent rise on the assumption that the cash-rich consumer products division (CPD), which was a part of Shaw Wallace in the previous year, had been sold.

The company claimed outstanding growth in 1999-2000. Turnover for the latest year was Rs 772.30 crore, against Rs 829.21 crore the previous year. The company attributed this to the sale of the CPD, which were actually two separate companies - Calcutta Chemicals and Detergents India.

According to figures submitted to the stock exchanges, SWC's net profit was Rs 4.42 crore for the year to June 30, 2000, against Rs 24.58 crore in the previous fiscal. During the latest year, SWC also made a Rs 21.86-crore provisioning for extra-ordinary and items concerning prior periods.

According to the release, SWC continues to consolidate its core business of alcoholic beverages. It said the investments made in Genelec and the electronics business in the past are proposed to be written off as these businesses are no longer viable.

Meanwhile, the deadlock between Shaw Wallace and its 180-odd employees at Calcutta is likely to continue. The company wants to transfer some staff, and claims that the union is preventing workers from accepting their pay.The workers say they will accept their pay if the transfers are not effected.

The spokesperson for Shaw Wallace noted that the management, which is to meet the state's labour commissioner over the issue, has decided not to withdraw the transfer orders.

The spokesperson has blamed the deadlock on the employees, especially the unions. She claimed that the employees are still threatening and manhandling executives, a stand that has been dismissed by a court-appointed officer.

The spokesperson maintained that three employees have accepted their salaries. The unions could not be contacted for a confirmation.