Step 1: Understanding the Concept:
The question provides a definition of a specific action taken by an employer in an industrial dispute and asks for the correct legal term for it under the Industrial Disputes Act, 1947.
Step 2: Detailed Explanation:
Let's analyze the definitions given in the Industrial Disputes Act:
- Lay-off [Section 2(kkk)]: Is the failure or inability of an employer to give employment to a workman due to reasons like shortage of raw materials or breakdown of machinery. It is an act based on inability, not a coercive measure.
- Lock-out [Section 2(l)]: Is defined as "the temporary closing of a place of employment, or the suspension of work, or the refusal by an employer to continue to employ any number of persons employed by him." A lock-out is the employer's weapon in an industrial dispute, analogous to the workmen's weapon of a 'strike'.
- Retrenchment [Section 2(oo)]: Is the permanent termination of the service of a workman for any reason whatsoever, other than as a punishment.
The definition in the question, "temporary closing of the work place or suspension of the work...by the employer," is a direct match with the definition of a Lock-out.
Step 3: Final Answer:
The temporary closing of a workplace or suspension of work by an employer as a coercive measure in an industrial dispute is called a lock-out. Therefore, option (B) is correct.