Pune, Oct 20 — Schaeffler India Managing Director and Chief Executive Officer Harsha Kadam was taken into custody by Pune police on Tuesday in connection with an accident at one of the company's factories that claimed the lives of two workers in June.
According to a regulatory filing by the company, the Talegaon MIDC Police Station under the Pimpri Chinchwad Police Commissionerate took Kadam into custody under the provisions of the Bharatiya Nyaya Sanhita, 2023.
The accident occurred on June 9, when two workers employed by a service provider to the company died on the factory premises following a sudden discharge of carbon dioxide (CO₂) gas during a scheduled cylinder replacement.
"The company has been informed that Harsha Gopal Kadam, CEO & Managing Director of the Company, has been taken into custody for investigation by the Talegaon MIDC Police Station, Pimpri
Chinchwad Police Commissionerate under the provisions of the Bharatiya Nyaya Sanhita, 2023, in relation to an investigation being conducted by the Authority with respect to an accident in the factory premises of the Company on June 9, 2026," it said in its filing.
The company said the incident has been under investigation by the authorities and that Schaeffler India, its employees, officers and the managing director have been cooperating with the investigation.
"The scope of the investigation has now been expanded to involve the Managing Director, on the basis that he is the ‘occupier’ of the factory premises under applicable law, and the authority has taken the Managing Director into custody for investigation," the company said in the filing.
Schaeffler India said it would continue to cooperate with the authorities and was assessing the developments in consultation with its legal advisers.
The company further stated that its senior management would continue to oversee day-to-day operations and that business activities would proceed in the ordinary course.
Meanwhile, shares of Schaeffler India Ltd closed at Rs 3,623.40 on Monday, down 1.25 per cent from the previous close of Rs 3,669.20. The decline compared with a 1.11 per cent fall in the Nifty index.
The stock opened at Rs 3,671.90 during Monday's trading session and moved within a range of Rs 3,603.60 to Rs 3,675.50.