LIC employees strongly oppose Corporation IPO

LIC employees staging protest outside divisional office of the Corporation in Jammu.
LIC employees staging protest outside divisional office of the Corporation in Jammu.

Excelsior Correspondent
JAMMU, July 23: As per the call of All India Insurance Employees’ Association, LIC employees under the banner of Northern Zone Insurance Employees’ Association, Srinagar Division held massive demonstrations today in front of LIC offices of Jammu & Kashmir against the Corporation IPO.
The demonstration in Jammu region was led by Pawan Gupta, divisional secretary NZIEA Srinagar Division and in valley region, it was led by A M Tantray, divisional president, Ajaz Ahmad Dar (joint secretary), Fyaz Gul (vice president) and others.
Speaking on the occasion, Pawan Gupta lambasted the NDA Government for its anti workers policies and for wholesale privatization of the public sector. He strongly opposed the move to privatize LIC of India by bringing IPO in LIC. He said that the Government of India is undergoing the process of divesting a portion of its holding in LIC.
Gupta said the arguments advanced by the Government that listing of LIC will make its working more transparent and policyholders as well as small Investors would be benefitted are totally unconvincing. It is the sheer desperation for resources that is driving the Government to sell the LIC, he added.
He said the decision to partly privatize LIC is an integral part of neoliberal agenda. “The privatization the public sector and more so LIC, which has-been a prime source for national development, is in clear violation of the Constitution. The decision to divest LIC shares raises many legal and ethical questions,” he added.
Others who spoke on the occasion were Romesh Chand (joint secretary), Dinesh Kumar Sharma (vice president), Raj Kumar Sharma (treasurer) and Neelam Sharma (women convener). The demonstration was led by Rajesh Gupta at Jammu-1, Sham Sunder and R P Singh at Jammu-2, Vijay Verma at Kathua, Kuldeep Singh at Samba, Rajesh Sapolia at R S Pura, Moti Ram and Sham Singh at Udhampur, Ram Raj at Doda, Raj Kumar at Poonch and Khaliq Hussain and Vinod Sharma at Rajouri.