Lawstreet Journal

LIC’s IPO Opposed By Its Employee Union

Lawstreet Journal 5 Feb 2020 4:32am

Image courtesy: Lawstreet Journal Business LIC’s IPO Opposed By Its Employee Union

The February 4th of 2020 will observe the employees' union of Life Insurance Corporation (LIC) going on a one hour strike to protest regarding the strong opposition toward the government's plan to sell a part of it's holding in the country's largest financial institution through a public offer. 

"The listing of LIC will certainly harm the economy and growth of our country. We vehemently opposes this move of the government and to protest and resist such act of the government, we have decided to go for lunch hour demonstration on Monday and one-hour strike on Tuesday as an initial response across the country" said SanjivK Gupta, All India Joint Secretary, National Federation of Insurance Field Workers of India

He also stated, "We vehemently oppose this move of the government. To protest and resist such an act of the government, we have decided to go for lunch hour demonstration on Monday and one-hour strike on Tuesday as an initial response across the country," 

Presenting the Budget on the 1st of February, 2020, the Finance Minister Nirmala Sitharaman said that LIC would be listed as part of the Government disinvestment initiative. The Government proposes to sell a part of its holding in the LIC through an Initial Public offering (IPO).

With such an announcement, the basic nature of state-owned LIC of India is apprehended to come to a disastrous change to affect crores of policy holders and the country as a whole. "The faith and trust bestowed on the LIC by the common people of India to… Continue Reading...


Tagged: Life Insurance Corporation  
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