Staff protest sale of LIC shares

Madurai: Insurance Corporation Employees Union (ICEU) staged a protest in Madurai on Saturday condemning the move to sell LIC shares and demanding that the government desist from the move. The protesters comprising LIC employees of Madurai and Virudhunagar districts gathered in large numbers near Palanganatham in the rally headed by LIC employees union divisional president G Meenakshi Sundaram.Madurai MP Su addressed the gathering in the presence of deputy mayor T Nagarajan and N P Ramesh Kannan, general secretary of ICEU.
“Proposals to sell 5% stake in LIC are currently being submitted to SEBI. The Centre is blindly involved in all sorts of activities that accelerate stock sales. The Union Cabinet has also recently approved the sale of 20% foreign investment in LIC without any restrictions. LIC will not benefit from the sale,” they said adding that they will intensify the protest if the demand is not met. A leaflet distribution campaign will be held on Sunday and Monday in the the six districts under the Madurai division. tnn